The children are selling the house and want to buy out the life estate of the mother but don't know what the value is of a 93 year old woman.She is in an assisted living facility and will not be returning to the house.
200237
Depends upon the location of the property (as in which State).\n\nAlso what do you mean by "life estate?"  Was she given a life estate in the property under the terms of someone else's Will?  If so, she has right and use of the property until she dies unless the Will was worded differently that the customary phrasing for bequeathing a life estate ~ that's why it's called a "life" estate.  There isn't any monetary value to a life estate, as far as I know, but laws do vary from State to State.\n\nFurther, if this *is* what you mean by a "life estate," the children need to consult an attorney who specializes in probate/estate law to find out if they can legally sell the house as long as their mother is alive.
509572
your right, it is too much.\n\nand i wouldnt want to give it to my kids as then they would have nothing to work towards, so perhpas buy them a flat. you know they are secure and they can sell it to use as a huge deposit on their own house when they are ready to move on and up.\n\ncharity has got to figure pretty high, my youngest has a rare bone marrow disorder so they would get a lot - in fact if you win can you let me know so i can tap you up for a few bob for research.\n\ni think i would get them to invest it for me while i took a long cruise and considered my options.  ok you are gonna want to blow some straight away, but you would need to consider what you will do with it from a calm perspective.
7744
Your grandfather clearly wanted your step-grandmother to receive 65% of his estate. Once she received it, it became her decision who should receive her estate and your mother has no legal claim to it.
417307
At the time that the estate of the decesased transfers title to the property to a beneficiary, the estate is deemed to have "sold" that property at its current fair market value. If the property was used as a principal residence by the deceased prior to his/her death, no income tax will be payable by the estate on the increase in value between the deemed selling price at death and the original cost of the property to the deceased. \n\nThe beneficiary of the estate is deemed to have acquired the property at its current fair market value (cost base) on the date that title to the property transferred to that beneficiary. If the beneficiary decides to sell the property immediately, the liklihood is that there will be little or no capital gain since the selling price will be very close to the beneficiary's cost base. To the extent that there is a gain it will be subject to income tax in the hands of the beneficiary. At the present 50% of the gain would be taxable.\n\nIf the beneficiary moved into the property and used it as a principal residence prior to selling it, tax may be avoided entirely on any capital gain realized on a subsequent sale. Care must be taken to ensure that the property is in fact the principal residence of the person making the subsequent sale. Needless to say,  the Canada Revenue Agency is cognisant of the fact that people do try and use the exemtion on sales of a personal residence as a tax doge in some circumstances and look carefully at these transactions which are a matter of public record.
202494
If the house was paid for with community funds, she has a case.  (A case, not a sure victory.) There are lots of possible reasons (for instance, it may be that in using community funds, it is a breach of the contract, so the house is community property -- or it may be that the agreement would be found unconscionable, esp. if she had no legal advice prior to agreeing), and lots of facts that cannot be determined from your question.  But she should consult a lawyer.
163366
kids of that age are very hard work as any parent will tell you.  The first rule with out knowing your circumstances is not to try to replace the mother that i assume they have lost for what ever reason.  You must be the adult and keep respect on both sides.  As one of the other answerer's says try going to the park, have fun join in with them, give them your time it is worth more that any money.
94408
A Life Estate means that the mother can live on her property for the remainder of her life.  Since wills usually can be changed, I'd think a Life Estate could also be modified.  Why not ask for a copy of the document setting up this arrangement, or better still go with your mother-in-law to her attorney, and ask your questions? \n\nDisgruntled family members can usually contest provisions, but a competent attorney can make it difficult for them to succeed by defining what they will receive should they contest.
179161
Give them money.  If she is 28 then she already has house stuff that she already likes.
480160
If she was on Medicare, there is a death benefit I believe it is like $250 only.  Did she own any property that you can sell? A home, furniture, jewelry? If the answer is no, then you will have to tell the funeral director that you cannot pay the bill in full- make arrangements for a payment plan, and also, check his bill to what is the acceptable fees for your area- you can go online and get that info from your state.....if you do not own a home, there really isn't anything the funeral director can do.   Sorry for your loss
410225
She can't sell the house unless she owns it, the bank may be willing to work with you if they know what happened. Good Luck!
30420
They pass to your estate.
660418
In most US states, the man's estate below about $50,000.00 would all go to the new wife.  Above $50,000.00, the new wife would share the estate with the children.  In some states, she would get 50% and the two children would split the other half.  In some states, she would get 33% and the two children would each get a third as well.  Non-probate assets like life insurance payable to the wife and a house owned as joint tenants would just go to the new wife outright and would not be counted in the above-cited split.\n\nSo long as the children are alive, the children of the children have no right to inherit anything.  If a grandchild is alive but his parent (the child) is dead, the grandchild would take in his parent's (the child's) place.\n\nYou should consult a probate attorney.
637307
Contact the loan officer, and ask him, most will allow a death foreclosure, but you will have to pay a penalty for this house. But consider it carefully, you may not want it now, but in time you may want it for it's sentimental value that it was your fathers. but also look around and get the house reappraised, it may be worth more than you think. Also if the previous owner died I think you have so many days to just give it back to the bank in leu of paying the loan, unless you have already begain to make payments then that ship has sailed.
312384
First of all, it depends on when you inherited it and when you are selling it.\n\nYour "basis" in the property is what it was worth at the time of the death of the person you inherited it from.\n\nIf that was a while ago, the property may have increased in value.  If it was recently, or in an area not experiencing increased value since you inherited, it may be at or near the same value as your "basis" at the time of their death.\n\nThe difference between your "basis" and the current sales price of the property is called the "capital gain" and it is all that you will be taxed on.\n\nEXAMPLES  \n\nIf value @ death was $35,000.00 and you are selling for $35,000.00 - NO TAX (no gain because the basis is as same as the sales price)\n\nIf value @ death was $25,000.00 and you are selling for $35,000.00 - $10,000 Taxable Capital Gain\n\nAs for the tax rates, that is where my expertise pretty much ends.\n\nThere are Long Term Capital Gains and Short Term Capital Gains, and I do not know the length of time for each, nor whether or not there is a difference because the property was inherited and not purchased.  They are taxed at different rates, and those rates have nothing to do with your income level or any other particulars other than the time the capital asset (the property) was held by you. \n\nFor this you will need to speak to an accountant or tax advisor, but I hope you have a better understanding now of what questions to ask to get a complete answer from them.\n\nGood luck and take care.
588603
There really is only one downside to taking out a reverse mortgage.  The children are not left with 100% of the value of the home for an inheritance.\n\nWith both of your parents being 78, they qualify to get around $230,000 to use as they will.  The house is still in their name it just shows that there is a mortgage on the home like any other conventional mortgage.  They can take the full amount in a lump sum, split it up in monthly payments or leave it in a line of credit which right now has a growth rate of about 7%.  This means if they didn't touch the line of credit in one year they would have $246,000 dollars.  With the line of credit they are only charged interest on what they pull out of the line of credit and that interest rate right now is right around 6.5%.  The rest of the money sits there untouched until they need it.  These loans are set up so that there should always be equity in the home to pass along to their heirs.\n\nAll of this money is tax free and there are no monthly payments to make.  You CAN make a payment if you want and are concerned about keeping the balance down.  You even get a tax break if you pay back the interest you are being charged.\n\nThis is a much better option than a home equity loan which you have to make high monthly payments and if something happens and they get behind could lose their home.\n\nSo really the only downside to reverse mortgages is that someone like you wouldn't get 100% of the home value for your inheritance.\n\nI'd be happy to send you some more information if you would like.  This is what I specialize in and our company can do reverses almost anywhere in the country.  If you would like some more information please email me at bburns@griffinloans.com
200097
hi. I kind of do this for a living in Texas and don't know where you are, so the rules could be different.  I would suggest that you contact the contact person at the state and real-friendly-like start there by asking if you could get a copy of the "title work" they "ran" (conducted) to arrive at their ownership information.  This would be the easiest way to determine what the actual percentages owned by each person are under the two lots.\n\nIt sometimes happens that when land is deeded or willed out even to a group of people, the percentages of ownership can be unequal. For instance, if your grandparents passed the lots by their wills to their 10 children thusly,"I want my 5 sons and four daughters, Cindy, Amy, Sarah, and Sue to share and share alike in 75% of the lots, but I want my remaining daughter, Jean to have an undivided 25% of the lots b/c she took care of me in my old age."  Thus Jean would be entitled to 25% of the money from the state, and the others only divide up the remaining 75%.\n\nThis could happen if the 5 who deeded to the other 5 said it similarly, "We deed our interest 75% to our siblings Joe, John, Cindy and Sue, undivided, but deed the remaining undivided 25% to Jean, who took care of Dad."  See?\n\nHowever, if all the transfers were made equal and undivided amongst all 10, then the same way amongst the 5, then that one Aunt is out of luck. She may have gotten "ripped off" by having paid more to her siblings than the others did, but tho that would stink, it wouldn't get her more.  The deed wording controls.\n\nSo for you to be able to help: You have to see the documents that put the title into your uncles and aunts the way it stands today. If the state can't or won't help you, then go to a title company in the county where the land is and tell them you will pay for a title check, or a title insurance commitment.  Or go to a reputable real estate lawyer who can go to the county records and check them for you. It is a little expensive, but will shut Auntie up.\n\nGood luck. Remember--she may have a reason for thinking as she does, that goes beyond just greed. Old people often remember things that happened. I find talking to them very useful in my work.
510550
I HAD TO MAKE THIS SAME DECISION ONCE, IT WAS FOR AN AUNT, GRANTED NOT AS CLOSE AS A MOM BUTSTILL REAL DIFFICULT!!  YOU HAVE TO HONOR YOU MOM'S WISHES, SHE TRUSTED YOU WITH HER LIVING WILL!  IF IT'S A MATTER OF STOPPING LIFE SUPPORT, THEN DO AS SHE ASKED,  IF SHE'S ABLE TO BREATH ON HER OWN, AND YOUR CHOICE IS HOME OR A NURSING FACILITY,  TAKE HER HOME.THERE IS PLENTY OF HELP OUT THERE, HOSPICE WOULD BE THE BEST!!  GOD BLESS YOU, IT ISN'T EASY, BUT DO WHAT MOM ASKED......REMEMBER SHE TRUSTED YOU TO MAKE THIS DECISION!!