[WSBAPT] Mom's Shacking Up

[Setareh Mahmoodi]

Good for her for being so proactive! Unfortunately, many times seniors
overlook or ignore these issues and unintentionally leave a mess for the
kids to deal with.

Good luck :)

On Feb 27, 2018 5:01 PM, "Amy Goertz" <amyjgoertz at icloud.com> wrote:

> 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
>
> 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
>
>
>
>
>
>
>
> 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>
> 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> 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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>>
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