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I need legal advice regarding father in law's estate- PLEASE
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<blockquote data-quote="seriously" data-source="post: 449744" data-attributes="member: 11920"><p>You need a lawyer in my opinion. Preferably two probably. One an estate/probate lawyer and one a real estate lawyer, although the probate lawyer may be qualified to handle this situation. And you may need a CPA or tax person depending on the complexity of the situation.</p><p></p><p>it is potentially much messier than you would think given the "simple" arrangement you have had with father in law.</p><p></p><p>As others have said, there are potentially HUGE tax consequences to the way you change/pass the title.</p><p></p><p>Normally on death the debts of the estate are PAID by the estate. So there are a couple different ways I can see this might play out in your situation. You could buy the house from the estate and that money be used to pay off the existing loan. Or you could petition the lender to transfer to loan to you.</p><p></p><p>If you aren't approved for a loan - what then?</p><p></p><p>Or if the lender won't agree to transfer?</p><p></p><p>It may be possible to retroactively say that father in law was gifting to you and husband the equity in the house to avoid some of this issue - depending on whether mother in law is agreeable, whether he gifted you any large amounts, etc. and depending on the laws of the state and the advice of your attorney.</p><p></p><p>Has husband talked to mother in law at all about the situation to find out what she is thinking about this?</p><p></p><p>As for the reception. I would never dream of paying that kind of money but then I simply don't have it.</p><p></p><p>Why can't this reception be in your home? If the golf buddies loved him so much I would think they would be willing to come to your house.</p><p></p><p>And, frankly, I think the estate should be paying these expenses if there is a big enough estate that it would not be an undue burden on mother in law and she wants these events done in this way.</p><p></p><p>Just my 2cents.</p><p></p><p>Sorry for your loss - husband may just be too overwhelmed with it all. Try to be patient. Maybe writing this down for him would help?</p></blockquote><p></p>
[QUOTE="seriously, post: 449744, member: 11920"] You need a lawyer in my opinion. Preferably two probably. One an estate/probate lawyer and one a real estate lawyer, although the probate lawyer may be qualified to handle this situation. And you may need a CPA or tax person depending on the complexity of the situation. it is potentially much messier than you would think given the "simple" arrangement you have had with father in law. As others have said, there are potentially HUGE tax consequences to the way you change/pass the title. Normally on death the debts of the estate are PAID by the estate. So there are a couple different ways I can see this might play out in your situation. You could buy the house from the estate and that money be used to pay off the existing loan. Or you could petition the lender to transfer to loan to you. If you aren't approved for a loan - what then? Or if the lender won't agree to transfer? It may be possible to retroactively say that father in law was gifting to you and husband the equity in the house to avoid some of this issue - depending on whether mother in law is agreeable, whether he gifted you any large amounts, etc. and depending on the laws of the state and the advice of your attorney. Has husband talked to mother in law at all about the situation to find out what she is thinking about this? As for the reception. I would never dream of paying that kind of money but then I simply don't have it. Why can't this reception be in your home? If the golf buddies loved him so much I would think they would be willing to come to your house. And, frankly, I think the estate should be paying these expenses if there is a big enough estate that it would not be an undue burden on mother in law and she wants these events done in this way. Just my 2cents. Sorry for your loss - husband may just be too overwhelmed with it all. Try to be patient. Maybe writing this down for him would help? [/QUOTE]
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I need legal advice regarding father in law's estate- PLEASE
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