What is the name of your state (Maryland)?
My Grandparents had 3 children.
My mother, my Aunt and my Uncle.
My mother passed away in the 80's.
My Uncle passed away in the 90's.
My Grandmother stated before she died that she wanted her daughter to get 1/2 of estate and the rest equally divided between the grandchildren (3) and great grandchildren (7), then had will made to that effect.
My Grandmother passed in 2001.
My Grandfather told me under the advise of his attorney and the recommendation of my Aunt he changed the will to make my Aunt and I equal trustees to a Revocable Trust which he made.
Grandfather moved to live closer to me and purchased second home. First two years he goes between the two houses, then decides to stay near me full time.
Aunt lives in FLA and visits once or twice a year. I take care of all of his needs on a weekly basis (doctors appts., grocery shopping etc. until last March when I had heart attack)
2004 my daughter asks Grandfather to co-sign student loan for college. He does.
2005" "
2006" "
2007 I become ill and he says he wont co-sign anymore loans.
Loan companies call him and tell him since my daughter is now out of school he will have to make payments.
He Freaks out that credit will be ruined and Calls my Aunt and Me.
I tell him my daughter will make the payments, and if she doesn't he is 94 years old and not to worry about his credit.
Aunt tells him that his credit is very important and convinces him to pay the loans in full.
He does.
$50,000.
I told him that we would work out a payment plan with my daughter and take care of it.
Grandfather spends winter in FLA with daughter.
Our business suffers terribley because of economy (real estate)
I write to Aunt and tell her that I will compose a letter in my hand that upon Grandfathers death $50,000. will be taken out of my portion of the estate and given to her.
She never responds.
When Grandfather comes back from FLA I tell him same thing to assure him that even if we weren't able to pay the amount entire amount back before he passed I wanted him to know that I would do the right thing and make sure that Aunt would get the equivalent from estate.
Grandfather responded surprised and said he had never thought about that, but had changed the will.
I responded with a Giant ????OH.
He said that I would get the house near me but changed it back to the way my Grandmother had wanted it with Aunt getting half and the rest diveded between grand and great grandchildren.
OK.
Last week Granddad has heart attack and pulls through.
I went to see him and he said that he wanted me to get a lawyer and see about putting the house in my name, because he wanted to tie up loose ends since he didn't think he had much time left.
He said it might be cheaper for me to do this now instead of when he dies.
Here's my three part question:
If house is in a trust stating that I get it when he dies...why do I need to do this now?
If I do need to do this now, he stated concern over capital gains and suggested I look into the best way to do this financially. Any suggestions?
Could he just sell it to me for what he paid for it, I make monthly payments then have contract say that debt is forgiven upon his death?
He paid $69,000. in 04' and it is in worse shape than it was when he moved in as he has not made needed repairs.
Help!!!
My Grandparents had 3 children.
My mother, my Aunt and my Uncle.
My mother passed away in the 80's.
My Uncle passed away in the 90's.
My Grandmother stated before she died that she wanted her daughter to get 1/2 of estate and the rest equally divided between the grandchildren (3) and great grandchildren (7), then had will made to that effect.
My Grandmother passed in 2001.
My Grandfather told me under the advise of his attorney and the recommendation of my Aunt he changed the will to make my Aunt and I equal trustees to a Revocable Trust which he made.
Grandfather moved to live closer to me and purchased second home. First two years he goes between the two houses, then decides to stay near me full time.
Aunt lives in FLA and visits once or twice a year. I take care of all of his needs on a weekly basis (doctors appts., grocery shopping etc. until last March when I had heart attack)
2004 my daughter asks Grandfather to co-sign student loan for college. He does.
2005" "
2006" "
2007 I become ill and he says he wont co-sign anymore loans.
Loan companies call him and tell him since my daughter is now out of school he will have to make payments.
He Freaks out that credit will be ruined and Calls my Aunt and Me.
I tell him my daughter will make the payments, and if she doesn't he is 94 years old and not to worry about his credit.
Aunt tells him that his credit is very important and convinces him to pay the loans in full.
He does.
$50,000.
I told him that we would work out a payment plan with my daughter and take care of it.
Grandfather spends winter in FLA with daughter.
Our business suffers terribley because of economy (real estate)
I write to Aunt and tell her that I will compose a letter in my hand that upon Grandfathers death $50,000. will be taken out of my portion of the estate and given to her.
She never responds.
When Grandfather comes back from FLA I tell him same thing to assure him that even if we weren't able to pay the amount entire amount back before he passed I wanted him to know that I would do the right thing and make sure that Aunt would get the equivalent from estate.
Grandfather responded surprised and said he had never thought about that, but had changed the will.
I responded with a Giant ????OH.
He said that I would get the house near me but changed it back to the way my Grandmother had wanted it with Aunt getting half and the rest diveded between grand and great grandchildren.
OK.
Last week Granddad has heart attack and pulls through.
I went to see him and he said that he wanted me to get a lawyer and see about putting the house in my name, because he wanted to tie up loose ends since he didn't think he had much time left.
He said it might be cheaper for me to do this now instead of when he dies.
Here's my three part question:
If house is in a trust stating that I get it when he dies...why do I need to do this now?
If I do need to do this now, he stated concern over capital gains and suggested I look into the best way to do this financially. Any suggestions?
Could he just sell it to me for what he paid for it, I make monthly payments then have contract say that debt is forgiven upon his death?
He paid $69,000. in 04' and it is in worse shape than it was when he moved in as he has not made needed repairs.
Help!!!