[WSBAPT] Mom's Shacking Up

[Amy Goertz]

Thanks everyone for the input!!

FYI, I did meet with the mom alone to discuss her wishes before the daughters joined us. She definitely has a strong opinion about things, including not getting married again. :-)

amy



Amy J. Goertz, J.D.
Goertz & Lambrecht PLLC
amyjgoertz at icloud.com <mailto:amyjgoertz at icloud.com> 

1.888.926.2607 phone
1.877.684.1627 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 <http://www.goertzlambrecht.com/>







> On Feb 27, 2018, at 4:01 PM, Setareh Mahmoodi <mahmoodi.setareh at gmail.com> wrote:
> 
> Also, a personal preference, if it were me I would want to meet with mom alone next time without the daughters present to talk about the pros and cons of all of the options. I always get wary of transferring or gifting the parents main asset to the children during the parent's life time and want to make sure they can ask any questions they may have and understand the implications. 
> 
> Just a thought...
> 
> On Feb 27, 2018 3:46 PM, "Setareh Mahmoodi" <mahmoodi.setareh at gmail.com <mailto:mahmoodi.setareh at gmail.com>> wrote:
> The other issue with gifting the house to the daughters now is that the house then belongs to the daughters not mom during her life time so technically they could kick her out, the house/equity becomes open to daughters' creditors, etc.  There's also co-ownership potential issues that arise if the house is owned by all 3 daughters, so it's something worth discussing depending on what the end goals are for the property. 
> 
> If she requires or could require Medicaid planning, there's the penalty and asset transfer issues to explore too. 
> 
> Maybe a residence trust with a life estate to mom to ensure her comfort/security during her life time with daughters as beneficiaries? 
> 
> I would highly recommend a cohab agreement in any scenario. 
> 
> Setareh 
> 
> On Feb 27, 2018 2:43 PM, "Amy Goertz" <amyjgoertz at icloud.com <mailto: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 <mailto:amyjgoertz at icloud.com> 
> 
> 1.888.926.2607 <tel:(888)%20926-2607> phone
> 1.877.684.1627 <tel:(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 <http://www.goertzlambrecht.com/>
> 
> 
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