The residence is needing thousands of dollars in upkeep and repairs. It has a clear title and we are both in our mid 60s. I have a lifetime estate and the residence passes to my daughter when I pass. My spouse refuses to put any money towards repairs since his name is not on the deed. I live on a fixed income SSA. In order to make all the repairs, I will have to come out of retirement and go back to work at 65. My spouse is in very poor health pressuring me to go ahead and deed the house to my daughter and rent an apartment for the remainder of our lives. This could throw me into bankruptcy. Rent alone will take the majority of my tiny SSA check if I don't go back to work. I desperately need advice as I don't think my spouse has my best interest at heart.
He needs to pay rent if he wants to live in your home.
Sorry, I don't think you married a man, because a real man would fix up his and his wife's home and not be petty about wanting the asset.
Given the repair bills, perhaps you should sell the home for fair market value. That way, you can use the money for an apartment, or IL/AL/MC down the line, all of which are mostly private pay.
Absolutely not.
Go to an Elder Care Attorney with all deeds, wills and other documents NOW. This hour of time will cost you, and I don't much care HOW you beg, borrow or steal to afford it, but you need to.
If you do things playing around with deeds and gifting then you are going to have no care available to you should you need it; medicaid lookback will forbid your getting any taxpayer assistance.
You need an elder law attorney to see where things are AT NOW, and to give you options going forward that will not hard either you or your spouse. Again, take copies of all deeds and titles.
As to working at 65. Go ahead. Many people are still working. My SIL taught until almost 70.
Get the repairs done and work to have that done.
Good luck to you. Get help. You cannot do this the wrong way or you will regret it forever and a wrong move is something you cannot take back or cure.
Unfortunately you can not sell the home without your daughter’s permission .
Selling the home would give you money for your own care down the road .
This lifetime estate is only a good idea if you had a lot of money to live on and for your care needed later on.
I guess what I am wondering is..
Is holding onto this property until you pass one day.. the only way?
Would this really suit you & your future years? To continue living there? Will this be restrictive to you? Forgoe a downsize or move elsewhere?
Is your daughter interested in this property? She wishes to live in it herself? Do it up herself?
Or.. would another form of legacy actually suit her, her family or lifestyle better?
Getting legal advice sounds a good option.
If you cant afford the maintenance and upkeep on your home then it is not a gift to your daughter when you die but an albatross around her neck because 20 or more years from now the house will be in even worse shape due to lack of maintenance and necessary repairs. Will she have the money to fix it up or will she live in this derelict and dilapidated house in her senior years?
You have no way of supporting yourself if spouse dies since you don't have enough income to afford an apartment. I am assuming this house is paid off. By all means go back to work. You are only 65 and don't rely on your husband to help you.
1) Why is your spouse so keen on getting rid of the house and moving into an apartment?
2) What does your daughter plan to do with it when she eventually inherits it?
3) In any case, can you continue to live for years in a house that needs repairs you can’t afford?
Your life interest is a real ‘clog on the title’ as you are only in your mid 60s. Your interest has a $ value, and you certainly shouldn’t just sign it over to your daughter without compensation. If she would sell the house once she gets a clear unemcumbered title, you should be splitting the sale proceeds between you. That might give you better options than renting an apartment for the rest of your life. Is this what your spouse would prefer? If so, it is an understandable reason for him to refuse to prop the situation up by paying for the repairs that are needed.
My suggestion would be that the three of you sit down and discuss all the possible ways to go forward, using a counselor if that would help you all to think about it clearly. Whatever decision you make, you shouldn’t try to alter the legal situation without getting the assistance of a lawyer (NOT just a real estate agent). Real estate titles are not something for amateurs to mess with – but first you need to work out what you all want to do.
Why would husband not be contributing to the rent of the apartment?
Please reread my previous post, about where to go from here. Unfortunately, most of the answers so far seem to me to be missing the important points, particularly by criticising the husband’s behavior.
Anyway, it gets complicated. I am always on AC saying "get an attorney" and the honest truth is that there is NOTHING like a good attorney when you must have one. People in our country make trusts and then simply forget to draw the property into it. Which means it is a trust protecting nothing because nothing is in it. A good attorney will see to it that doesn't happen just like they will make a POA or Trustee of Trust document that has teeth of iron.
Reminds me of Moonstruck where Cosmo tells the couple he, as a plumber only uses copper, the most expensive product there is. "And THEN, there's Copper! And copper is all I use. It costs money. It cost money because it SAVES MONEY!". That's how I feel about a good attorney.
So if we can get our hands on our OPs document about this life estate we will know where it all stands legally in her state. Alas...............that's unlikely. So I hope she has a good attorney.
Signing over the house to your daughter (who is presumably somewhere in her 30s or 40s) will have tax implications for her. She will also be responsible for property taxes, insurance, repairs and upkeep. Does she have a very high paying job? Does she have a spouse so there's 2 incomes? Does she have kids?
This is an important financial decision for all involved and no one on this forum is a professional financial planner or real estate attorney and you haven't given us all the info someone like that would require. Any suggestions made here that sound interesting to you should be run through a professional before executing in real life.
Your daughter needs to know exactly how gaining a house will impact her financially. Maybe just selling the house and using that money to pay for your rent may be the wisest option. Maybe not what you had planned but if you describe the house as needing a lot of fixing, she may be inheriting a Money Pit. No thanks, unless it's in a fabulous location. My son purchased a Money Pit. Ugh ugh ugh. More like an albatross.
If your daughter is somehow able to gain the house without it putting her in the red every month, then could she rent it back to you for enough to cover property taxes and insurance?
If your income is that low and your husband unable to work or gets no SS, then maybe apply for Section 8 housing in your county. Has your husband considered applying for Medicaid if he's that sick? If you sign the house over to your daughter, would this be a seen as a gift? By the IRS and Medicaid?
There is a participant on here named Igloo who may be able to give you some deeper insights (although still not the kind of professional you need). Hopefully she will find this post...
Please provide more info, even though we aren't professionals we can give you better guidance.