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re: What happens to homes when occupant passes?
Posted on 5/7/24 at 2:56 pm to NfamousPanda
Posted on 5/7/24 at 2:56 pm to NfamousPanda
quote:
My boomer parents passed recently. So now I'm paying that mortgage and my own until their house finally sells.
How did they still have a mortgage?
My boomer parents paid off their house in the 90s
0
Posted on 5/7/24 at 2:56 pm to fareplay
quote:
This is my lack of tax law but I’m assuming it’s an inheritance and at a large sum, there should be a large tax bill. Most Americans don’t save so easier to liquidate and collect cash
Clearly.
Posted on 5/7/24 at 2:58 pm to LSUfan4444
quote:
Depending on the value of the home, the location, the work involved, other factors, I could see quite a few other scenerios where it just wouldn't be worth it.
If it not worth anything or the person inheriting doesn’t have money to “float” the situation while they sort it out I get that. I guess that’s what people thought about us when my MIL died. But we cleaned out the home, cleaned it up, had estate sales, and sold it. Was my wife’s duty as executor to get the most value for all assets of the estate on behalf of the beneficiaries.
Posted on 5/7/24 at 2:59 pm to ManWithNoNsme
quote:Is that you Nonc?
Reminds me. I need to do a will. House is paid for. I don’t have any children. I’ll retire end of year. I’ll leave everything to my niece. Brother died 4 weeks ago. Never met her
Posted on 5/7/24 at 3:00 pm to fareplay
quote:
Great majority of boomers are likely to die in next 5-10 years, makes me think another housing crisis where inventory floods the markets.
Their broke arse worthless millennial grand-kids will just move upstairs from the basement.
Not really, but I figured I would join in on your idiotic post stereotyping segments of the population by age.
Posted on 5/7/24 at 3:01 pm to Dawgfanman
quote:
But we cleaned out the home, cleaned it up, had estate sales, and sold it. Was my wife’s duty as executor to get the most value for all assets of the estate on behalf of the beneficiaries.
Each situation is so very different. I was executor, my uncle had no kids and the only person "left" was my brother who agreed with me at every turn. He lives in Slidell, I live in Mandeville, neither of us are that in need of the money. Our opinion was, we would probably end up begging to pay someone $50k to make the headache go away so we just decided to avoid the headache.
Posted on 5/7/24 at 3:04 pm to fareplay
quote:
My thought process is that kids will inherit homes that they can’t pay the tax based on market value and will choose to liquidate. Does that assumption hold?
My parent's house will probably be sold as part of their estate someday but not because it would be unaffordable but because we just don't see us living there. Not really worried, twits like you would never be able to afford the house anyway.
Posted on 5/7/24 at 3:06 pm to LSUfan4444
quote:
Each situation is so very different. I was executor, my uncle had no kids and the only person "left" was my brother who agreed with me at every turn. He lives in Slidell, I live in Mandeville, neither of us are that in need of the money. Our opinion was, we would probably end up begging to pay someone $50k to make the headache go away so we just decided to avoid the headache.
Makes sense, I guess, but it almost seems like there could be an opportunity here for enterprising individuals to come in and figure out how to "take care" of situations like this versus having people like you just ceding it all to the state.
Who wants to help me draw up a business plan or go in with me for 'Taking over old Boomer headaches to profit'?
Posted on 5/7/24 at 3:09 pm to fareplay
How the frick do you survive? By posting every fricking thing that comes to mind from parents basement? You tell us once your parents croak and you get pushed aside.
Posted on 5/7/24 at 3:11 pm to fareplay
All those Millennials who are bitching about the cost of housing will have a place to live.
Posted on 5/7/24 at 3:12 pm to pbro62
Chill lil fella
Posted on 5/7/24 at 3:14 pm to Dawgfanman
quote:
There is a “stepped up basis” upon their death. It’s the value the day they died.
This is correct. We sold mothers house a few years ago. We didn't use a real estate agent. There was a 3 month difference between when we went under contract and closing. Kept it insured and utlities on until closing. We had no tax liabilty.
Posted on 5/7/24 at 3:18 pm to fareplay
This whole thread makes me glad my parents have their shite together (and planned for) when it comes to such stuff.
Dad is widowed (my step-mom passed away a couple of years ago). His house, worth about $300K, is paid off. My sister and I are the only heirs. Dad recently put a $20K CD for EACH of us in the bank, to be used when he passes, for assorted expenses until the estate is settled. Sis and I will sell/split the proceeds from the house, and the grandkids (almost all just out of college) can have most of the really nice furniture for free as they move into their own places.
Mom's a little different; she and my step-father both still kickin', but step-father has three sons of his own. Mom and stepdad each have usufruct until the other dies, so it won't be until they BOTH pass that my sister and I will split the sale of the house (also paid for and also about $300K) 50/50 with my step-brothers. The step-brothers will also get all of step-fathers investment property, as he had that before he and my mom got married.
The worst part will be going through all the smaller crap that we won't need and what to do with it-- clothes, all the stuff in the attic, towels, linens, pots and pans, framed photos, etc.
I see estate sales in future for that.
Dad is widowed (my step-mom passed away a couple of years ago). His house, worth about $300K, is paid off. My sister and I are the only heirs. Dad recently put a $20K CD for EACH of us in the bank, to be used when he passes, for assorted expenses until the estate is settled. Sis and I will sell/split the proceeds from the house, and the grandkids (almost all just out of college) can have most of the really nice furniture for free as they move into their own places.
Mom's a little different; she and my step-father both still kickin', but step-father has three sons of his own. Mom and stepdad each have usufruct until the other dies, so it won't be until they BOTH pass that my sister and I will split the sale of the house (also paid for and also about $300K) 50/50 with my step-brothers. The step-brothers will also get all of step-fathers investment property, as he had that before he and my mom got married.
The worst part will be going through all the smaller crap that we won't need and what to do with it-- clothes, all the stuff in the attic, towels, linens, pots and pans, framed photos, etc.
I see estate sales in future for that.
Posted on 5/7/24 at 3:21 pm to fareplay
I'm pretty worried about both sets of parents' situations, honestly.
My parents live on our family farm, but none of us kids have any desire to live there, and I'm not sure how the house would fare being unoccupied for long stints. I'd worry that fricksticks might find it and loot it or squat in it. We could let deer hunters use it, but that would break my heart. The house itself would be nearly impossible to sell without offering it as part of a land deal, and we aren't selling the land.
My in-laws have a huge house in a subdivision that has dramatically....dramatically... changed for the worse over the past decade. To make matters worse, developers are now about to throw up a huge "affordable housing" neighborhood behind them. with multi-family homes, apartments, etc. They've had nothing but woods behind them for 4 decades and now they will have potentially section 8 bullshite.
They could have sold their house for $300-400k 10 years ago... in dollars for those days... but now, they'd be lucky to get $250k in today's dollars. So frustrated they have stuck it out. They have no family there, friends have mostly moved off, and they have a dang condo in Florida where their friends do live.
My parents live on our family farm, but none of us kids have any desire to live there, and I'm not sure how the house would fare being unoccupied for long stints. I'd worry that fricksticks might find it and loot it or squat in it. We could let deer hunters use it, but that would break my heart. The house itself would be nearly impossible to sell without offering it as part of a land deal, and we aren't selling the land.
My in-laws have a huge house in a subdivision that has dramatically....dramatically... changed for the worse over the past decade. To make matters worse, developers are now about to throw up a huge "affordable housing" neighborhood behind them. with multi-family homes, apartments, etc. They've had nothing but woods behind them for 4 decades and now they will have potentially section 8 bullshite.
They could have sold their house for $300-400k 10 years ago... in dollars for those days... but now, they'd be lucky to get $250k in today's dollars. So frustrated they have stuck it out. They have no family there, friends have mostly moved off, and they have a dang condo in Florida where their friends do live.
Posted on 5/7/24 at 3:34 pm to BRich
quote:
I see estate sales in future for that.
That's what we did. Didn't bring in much money but it got the house emptied.
Posted on 5/7/24 at 3:49 pm to fareplay
I've always wondered what happens if a recluse dies in the home and no one knows?
There is a house like 4 doors down from me that used to have a single guy...we'd see him pretty regularly. There hasn't been movement at the house for at least 12 months.
Always curious if there is a dead guy in there.
There is a house like 4 doors down from me that used to have a single guy...we'd see him pretty regularly. There hasn't been movement at the house for at least 12 months.
Always curious if there is a dead guy in there.
Posted on 5/7/24 at 3:54 pm to fareplay
You hate your parents? Sorry buddy.
Posted on 5/7/24 at 4:04 pm to fareplay
This OP is pretty ghoulish. Salivating over people dying so you can profit on their properties is fricked up
Posted on 5/7/24 at 4:08 pm to fareplay
What's your nationality? Is English your second language?
Posted on 5/7/24 at 4:53 pm to ManWithNoNsme
You always hear stories of some random distant Aunt or Uncle leaving people money.
You are that guy Manwithnoname.
You are that guy Manwithnoname.
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