[WSBAPT] Agreement re occupancy of LLC house

[Marvin Benson]

One issue that we struggled with in an estate, is defining when the one in
the house can no longer live in the house. In particular, how long a
nursing home stay means not living in the house.

Marvin Benson

On Fri, Nov 1, 2019 at 11:06 AM Timothy Lehr <timothy at stileslaw.com> wrote:

> Listmates,
>
>
>
> I recently formed an LLC for three adult siblings that inherited a
> parent’s house through an estate. One sibling is disabled and lived on the
> property with mom and dad before they passed and continues to reside there.
> The floorplan of the house is very beneficial for the disabled sibling. All
> three agree that such sibling may occupy the house for as long as needed,
> so long as utilities, taxes, maintenance etc are paid and property is kept
> in good condition. The goal is to put the house into an LLC, owned equally
> by all three siblings to preserve each’s equity interest in the house
> if/when sold. When the disabled sibling no longer lives on the property,
> the plan is to sell the property.
>
> I also plan to draft an operating agreement that either includes
> provisions for the property (or a separate agreement outside of the OA that
> covers the issues). The agreement would cover terms for the disabled
> sibling to live in the home, costs, future sale of property, maintenance,
> personal effects in house, etc. I believe I’ve flagged a number of
> potential issues that could come up, but wanted to check if anyone has
> drafted a similar agreement that I could cross reference with mine to make
> sure I’m not missing anything significant. The whole scenario seems like
> one that likely comes up often in estates.
>
>
>
> Any template docs or advice is appreciated.
>
>
>
> Tim
>
>
>
> *Timothy C. Lehr*
>
> Attorney at Law
>
> Stiles Law Inc., P.S.
>
>
>
> p:   360.855.0131
>
> e:   timothy at stileslaw.com
>
> w:  www.stileslaw.com
>
>
>
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