tag:blogger.com,1999:blog-5818397854598010989.post7266853079425777761..comments2024-03-26T20:24:14.950-04:00Comments on Crazy as a Loom: Looking ahead.Hilaryhttp://www.blogger.com/profile/02528439226293446420noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-5818397854598010989.post-19951923783931803252014-12-02T19:00:36.140-05:002014-12-02T19:00:36.140-05:00You are so right...you never know when your time i...You are so right...you never know when your time is up. I like the idea of Life Estate...hmmm...Big Hugs!<br />Cait Throophttps://www.blogger.com/profile/00424249114747773949noreply@blogger.comtag:blogger.com,1999:blog-5818397854598010989.post-16938346556075726802014-11-29T11:36:16.514-05:002014-11-29T11:36:16.514-05:00Clever you. It's true, we try not to think abo...Clever you. It's true, we try not to think about the inevitable. And we don't always agree on how to handle that as a couple. Good for you that you figured out what works best for you and set it in motion.<br /><br />Seeing your Mom at the start of the post made me wish I could give you a hug.Hilaryhttps://www.blogger.com/profile/12787493532006658679noreply@blogger.comtag:blogger.com,1999:blog-5818397854598010989.post-57602246422035740952014-11-28T19:33:52.472-05:002014-11-28T19:33:52.472-05:00 I think what you did was a good move. We have al... I think what you did was a good move. We have already gifted over some of our worth to our kids in a family trust. Karen thisoldhouse2.comhttps://www.blogger.com/profile/03302171590212119499noreply@blogger.comtag:blogger.com,1999:blog-5818397854598010989.post-2203154328744971332014-11-28T15:35:56.208-05:002014-11-28T15:35:56.208-05:00One reason more people don't do it is that it ...One reason more people don't do it is that it messes up the heirs' basis in the property when they go to sell. If they don't inherit it until you are gone, their basis for taxes is what it's worth when you die and they inherit. If you give it to them now this way, their basis for being taxed is what you paid for the property. So they will have to pay capital gains tax on a much larger amount when they do go to sell it.<br /><br />Anyway, some people don't care about that aspect, and if it works for your family, i'm glad.messymimihttps://www.blogger.com/profile/10649529601786689712noreply@blogger.comtag:blogger.com,1999:blog-5818397854598010989.post-40225236094140099402014-11-28T15:19:06.361-05:002014-11-28T15:19:06.361-05:00My MIL gave us her house a few years ago. Instead...My MIL gave us her house a few years ago. Instead of a life estate, we have a renter's agreement, she pays the property tax, we pay the insurance. The house was brand new a few years ago, so no maintenance stuff for a while. The house was built on the south end of our land, so she's close.1horsetownhttps://www.blogger.com/profile/17424618189976514360noreply@blogger.comtag:blogger.com,1999:blog-5818397854598010989.post-18471897448130007492014-11-28T14:04:49.036-05:002014-11-28T14:04:49.036-05:00My mom (87) sat with us yesterday as we put the th...My mom (87) sat with us yesterday as we put the thanksgiving dinner together...this post hit home. We need to start getting our stuff in order too! While i hope we have many years ahead of us...being prepared would be a gift to us and our kids. Something added to my to do list.Anita Johnsonhttps://www.blogger.com/profile/06581280313136512145noreply@blogger.comtag:blogger.com,1999:blog-5818397854598010989.post-81843856657760363542014-11-28T12:44:35.443-05:002014-11-28T12:44:35.443-05:00brilliant thing to do ... you are a smart woman .....brilliant thing to do ... you are a smart woman .. i would do the same if i owned property. i have been thinking a lot about getting older/dying .. after my husband was ill a few years ago and recovered so well i pushed all thought of either of us dying from my mind but it keeps creeping back in .. especially this time of year when family is so important and i look around and see only my sister and three first cousins left of what was a very large family .. life is short, lets enjoy it the best we can while we can .. xoxDarylhttps://www.blogger.com/profile/08241795455748298624noreply@blogger.comtag:blogger.com,1999:blog-5818397854598010989.post-66167645260058042522014-11-28T10:20:05.062-05:002014-11-28T10:20:05.062-05:00I have never heard of that, what a wonderful idea....I have never heard of that, what a wonderful idea. I wonder how many states have that "Life Estate"? We only have one surviving son, so all property will go to him and some money to our grandson, who is the son of our deceased son.Dizzy-Dickhttps://www.blogger.com/profile/14150939928800538404noreply@blogger.com