S
slangdo
Guest
Hello-
My mother-in-law's will leaves "everything" to my wife & wife's sister, MIL's only 2 children.
Sister-in-law has, for most of her life, lived with my wife's mother, in a home owned by the mother.
My MIL has now said that she's adding my wife's sister to her home as a "co-owner", whatever that means, so that 1) the sister-in-law can enjoy some tax benefits, presumably by paying the real estate taxes on the property, and 2) the value of the property will somehow be protected should MIL need to go into a nursing home. MIL says she asked the lawyer that prepared her will, and this doesn't affect my wife's eventual share of her mother's estate, the property will still be divided evenly between the 2 daughters.
Does this make sense? I'd assume that if my wife's sister "co-owns" the home with the mother, that when the mother passes on, the property will belong 100% to the sister.
Or is there a way that her current will would take precedence over adding the sister as a co-owner, and the mother's estate, including the full value of the home, would still be divided evenly between both daughters?
I don't believe my MIL is intentionally doing anything to favor my wife's sister, but I'm concerned that the sister may have concocted this scheme, and that my MIL may not understand the implications or consequences of it.
Everyone concerned lives in New Jersey, the property is in NJ, daughters are both in their 50's, mother is 85, if that makes any difference.
Thanks very much for any comments, advice, etc.
Steve.
My mother-in-law's will leaves "everything" to my wife & wife's sister, MIL's only 2 children.
Sister-in-law has, for most of her life, lived with my wife's mother, in a home owned by the mother.
My MIL has now said that she's adding my wife's sister to her home as a "co-owner", whatever that means, so that 1) the sister-in-law can enjoy some tax benefits, presumably by paying the real estate taxes on the property, and 2) the value of the property will somehow be protected should MIL need to go into a nursing home. MIL says she asked the lawyer that prepared her will, and this doesn't affect my wife's eventual share of her mother's estate, the property will still be divided evenly between the 2 daughters.
Does this make sense? I'd assume that if my wife's sister "co-owns" the home with the mother, that when the mother passes on, the property will belong 100% to the sister.
Or is there a way that her current will would take precedence over adding the sister as a co-owner, and the mother's estate, including the full value of the home, would still be divided evenly between both daughters?
I don't believe my MIL is intentionally doing anything to favor my wife's sister, but I'm concerned that the sister may have concocted this scheme, and that my MIL may not understand the implications or consequences of it.
Everyone concerned lives in New Jersey, the property is in NJ, daughters are both in their 50's, mother is 85, if that makes any difference.
Thanks very much for any comments, advice, etc.
Steve.