[WSBAPT] Mom's Shacking Up

[Paul Grant]

And don't forget if you gift the house that the kids take the house at the
parent's basis and no step-up; I prefer a trust with either a Trust
Protector or board with the kids on it for any transfer rights.  I'm not a
family law guy, so a cohabitation agreement, I think, would also resolve
any claims of intimate relationship comm prop rights if they end up in a
long-term relationship.

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Paul H. Grant - JD, LL.M

Planning with Purpose, Inc
Lynnwood, WA 98036
425-939-9948
www.planningwithpurposeinc.com

Estate Planning. Business Planning. Wealth Succession.

On Tue, Feb 27, 2018 at 2:39 PM, Amy Goertz <amyjgoertz at icloud.com> wrote:

> Fellow listers,
>
> I have a potential client who came in with her three adult daughters to
> discuss concerns regarding Mom's boyfriend moving into the family home. Mom
> is 80 and boyfriend has prior bankruptcy in his past. They had previously
> been advised to tell the boyfriend to keep a post office box and not
> receive his mail at the house, so as to prevent him from establishing
> himself as a resident or tenant at the house (that’s a new one on me).
> Although the mom is quite sharp now, the thought is there that she may
> become less so as time goes on and may become vulnerable to his influence.
> The main goal of the family is to prevent the boyfriend from claiming any
> interest in the home in the event something happens to mom, and in
> particular having some means of getting him out of the house without a
> long-term eviction process if she dies or goes to the hospital. Mom says
> by no means are they talking about marriage.
>
> We discussed a Transfer on Death Deed, but since it is revocable it would
> leave an open door to him talking the mom into signing something to give
> him the house. We also discussed a Cohabitation Agreement, which
> they believe he will be agreeable to signing. We also talked about having
> her give the daughters the house now, which would require a Gift Tax Return
> and would also cause them to lose the senior discount on the property taxes.
>
> Any thoughts on the best approach here?
>
>
> *Amy J. Goertz, J.D.*
> *Goertz & Lambrecht PLLC*
> amyjgoertz at icloud.com
>
> 1.888.926.2607 <(888)%20926-2607> phone
> 1.877.684.1627 <(877)%20684-1627> fax
>
> Address for correspondence:
> 2829 S. Grand Blvd., Suite 303
> Spokane, WA 99203
>
> Additional office locations:
> 510 Bell Street
> Edmonds, WA 98020
>
> 7418 East Helm Drive
> Scottsdale, AZ 85260
>
> Goertz & Lambrecht PLLC
> www.goertzlambrecht.com
>
>
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