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re: "Estate" Planning: 75 yr old father & his mortgage
Posted on 3/24/17 at 8:57 am to baldona
Posted on 3/24/17 at 8:57 am to baldona
quote:
So his income is somewhere in the $2000-3000/ month range probably with sociall security and his Royalties?
Very accurate at current production.
quote:
I think you are just over thinking it.
Definitely am. My siblings are across the country and getting them to contribute to the life insurance has been like herding cats... who don't want to pay their bills.
quote:
I'd definitely make sure he has a will squared away
He does have that at least. Only other assets are household things that I don't want.
Recording his succession in the dozens of counties/parishes where he has mineral interests is going to be far more expensive than the funeral.
2
Posted on 3/24/17 at 10:52 am to GaryMyMan
You said the house is his only debt, his income is royalties and social security, and he is able to make his payments when due but not a lot of money left over. I also assume he is on medicare.
Make sure, real sure, there is enough money to bury him and pay for final expenses, which include dealing with succession and all those royalties.
If you need some extra cash to make that happen, is lowering the face amount of the policy an option to reduce costs? Is the policy whole or term?
The house... I wouldn't put a cent into it now. If you want to fix it up when he passes to try to sell it for more... great. If not, sell it for what it can go for. If it's at a loss, negotiate it with the bank. Doesn't sound like there are a whole lot other assets the bank could go after the estate for.
Make sure, real sure, there is enough money to bury him and pay for final expenses, which include dealing with succession and all those royalties.
If you need some extra cash to make that happen, is lowering the face amount of the policy an option to reduce costs? Is the policy whole or term?
The house... I wouldn't put a cent into it now. If you want to fix it up when he passes to try to sell it for more... great. If not, sell it for what it can go for. If it's at a loss, negotiate it with the bank. Doesn't sound like there are a whole lot other assets the bank could go after the estate for.
Posted on 3/24/17 at 11:32 pm to GaryMyMan
quote:
My siblings are across the country and getting them to contribute to the life insurance has been like herding cats... who don't want to pay their bills.
Been there on something similar. You can bet you will hear from them immediately if the policy ever comes to pay off.
I'd either keep or drop the policy (decision 1) . I have no thoughts on that.
Just sell the house as is when the time comes (decision 2). If you alone inherited it and controlled it, you might want to spruce it up and try to get a better return. But if you have to be the grownup who negotiates the remodel and then clears it with and collects from dragass siblings, no thanks. That would be a nightmare not worth the possible but not certain return. And if the market goes down, you will get all the shite for talking them into the remodel rather than immediate sale.
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