Home News My second husband of 5 years would like to inherit part of my home as he pays half the mortgage. I want 100% to go to my children. Who’s right?

My second husband of 5 years would like to inherit part of my home as he pays half the mortgage. I want 100% to go to my children. Who’s right?

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Quentin

I have been married to my second husband for 5 years. We live in a house we bought over 20 years ago and it’s only in my name and so is the mortgage.

He paid me just under half of my mortgage, I paid a little more on utility bills, and split the other bills. He will do some labor, but I will also pay for all the maintenance and improvements to the house.

I have grown children and grandchildren and he has grown children. I want to leave my home to my children but will allow my husband to continue living there for as long as he wants or until he dies.

Who pays for taxes and homeowners insurance each year? I’m leaning toward specifying that my husband covers it, and also leaves upkeep costs such as a new roof and air conditioning.

My husband and I disagree on whether he should inherit part of the house. He feels he is paying part of the mortgage. He doesn’t want to pass parts of the house to his children when he dies, or my children have to buy them.

What’s the best way to do this impartially?

house candary

dear candary

Your husband came into your life later in the day. You have been married for five years. You bought a house twenty years before her, long before you met her husband, and have worked hard to pay it off. After five years of marriage, it is generous to give him a lifelong estate in your house so that he can live rent-free in case you lose him.

Your husband agreed to pay you an amount equal to 50% of the value of the mortgage, but he doesn’t. actually Pay half the mortgage — for better or worse, the rich man pays the poor, he pays the rent. It may sound harsh, but it is his responsibility to buy his own home as a legacy for his children.

If your husband lives in the house, he will pay for property maintenance, homeowners insurance, property taxes, and other costs, especially considering your property pays off the mortgage. is absolutely fair. The final details should be worked out by your estate planning and trust attorney.

“When the life borrower dies, the estate passes directly to the children, so the life estate circumvents probate.” According to Winston Law Group. “Life estates can also protect a home from a Medicaid lien upon death, but nursing home-level Medicaid is subject to a five-year transfer penalty period.”

There are also cons. Written by Ross and Schollmire: “If the living tenant doesn’t care about the house and it falls into disrepair, there is not much the beneficiary can do to protect their future investment. It cannot be passed on until a person dies.”

There is no perfect solution. For example, if your children need cash after you die, you will have to wait until your husband dies to inherit the property. However, Life Estate will provide your husband with a roof for the rest of his life, assuming you install this a few months ahead.

After five years of marriage, it’s not a bad deal.

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