Re: Have an ODD thing going on????

Posted by JD Seller on August 28, 2015 at 20:51:00 from (208.126.198.123):

In Reply to: Re: Have an ODD thing going on???? posted by True Son on August 28, 2015 at 20:19:14:

Well True Son I will get ZERO from letting him stay rent free or him paying rent. I am the TRUSTEE of my first wife's TRUST. This trust is for our CHILDREN. So I do have fiduciary responsibilities to the trust and it's intent. So there is ZERO question of me being greedy. I will personally gain or lose nothing in this deal.

Here are some numbers. The real estate taxes are just under $1500 each year. The insurance on the house is right around $900. So these are cost of maintaining the property. Currently he is getting the full benefit and use of the property with ZERO capitol expenses. So I am willing to approve the trust not earning anything on the value of the trust's asset for the time he will be living there. I just do not think the trust should pay for the step son to live there. Lose of income is one thing but incurring expenses is another matter. The house would easily rent for $750-800 a month or $9000-9600 a year in the open market. If the house and five acres were to be sold today it would sell in the $175,000-200,000 range. So even with a full rent the property would only be returning a 3-4% return on it value. So even with the step son paying the $200 per month rent the trust is giving up income so he can live there.

Some additional things to think about.
1) This fellow is not a blood relative of any of the family.
2) The step son did not provide much in the care of my Wife's Uncle. He kept the yard mowed and took him to His Doctor appointments. That was all. The Uncle was not bed ridden or anything like that. The step son had never paid a single bill until the Uncle died and he now has to pay the utilities. I am not sure but I think the Uncle was paying for all of the groceries as well.
3) My wife's Uncle left the balance of his estate to the step son. That was around a $100K.
4) So the step son has a good income and has already seen a monetary reward/settlement from his taking care of the Uncle.

Truthfully The amount of money is not an issue really. It is more of the step son wanting a continued "free" ride with someone else paying all the bills.

Replies:

• Re: Have an ODD thing going on???? UAFitter 04:12:24 08/29/15 (0)
• Re: Have an ODD thing going on???? Bill VA 02:49:23 08/29/15 (0)
• Re: Have an ODD thing going on???? Greg1959 21:09:34 08/28/15 (0)

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