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  • January 3, 2009 at 4:32 PM #14745
    moneymaker
    Participant

    Not totally sure if this is off topic but just in case.

    Ok I/We will be buying a house and the wife(married 5 years) wants to put the house in “Community Property with right of survivor ship” and I want just plain “Community Property”. My reason is I want to be able to will my interest to my teenage son (from a previous relationship) down the road if I want to. She feels like the purchase should just be between us two. I am putting 10% more into the house than she is, down payment, closing costs, etc. I feel that I would be betraying my son by not protecting his inheritance. She has already stated he is on his own at 18. Opinions? How do others with blended families hold title?

    January 3, 2009 at 6:39 PM #323353
    HLS
    Participant

    Thread,,
    You may want to get legal advice. I am not an attorney.

    My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
    In the case of a disability or long term health issues, your desires may not be met.

    Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.

    Last thing is that CP isn’t recognized in all states but Joint Tenancy is.

    January 3, 2009 at 6:39 PM #323852
    HLS
    Participant

    Thread,,
    You may want to get legal advice. I am not an attorney.

    My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
    In the case of a disability or long term health issues, your desires may not be met.

    Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.

    Last thing is that CP isn’t recognized in all states but Joint Tenancy is.

    January 3, 2009 at 6:39 PM #323773
    HLS
    Participant

    Thread,,
    You may want to get legal advice. I am not an attorney.

    My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
    In the case of a disability or long term health issues, your desires may not be met.

    Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.

    Last thing is that CP isn’t recognized in all states but Joint Tenancy is.

    January 3, 2009 at 6:39 PM #323755
    HLS
    Participant

    Thread,,
    You may want to get legal advice. I am not an attorney.

    My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
    In the case of a disability or long term health issues, your desires may not be met.

    Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.

    Last thing is that CP isn’t recognized in all states but Joint Tenancy is.

    January 3, 2009 at 6:39 PM #323691
    HLS
    Participant

    Thread,,
    You may want to get legal advice. I am not an attorney.

    My understanding is that with CP or CP W/ROS your interest can ONLY be conveyed upon death.
    In the case of a disability or long term health issues, your desires may not be met.

    Another option is Tenants in Common which allows each of you to own a certain undivided interest and conveyed separately at any time.

    Last thing is that CP isn’t recognized in all states but Joint Tenancy is.

    January 3, 2009 at 7:42 PM #323716
    fredo4
    Participant

    This is one of the joys of remarriage when you have kids I’m afraid. Is there any kind of compromise that can be made between the two options you mentioned?
    I’m just saying this so you can protect your son, while helping your wife to save face– as she’s probably looking at this as you distrusting and/or rejecting her.
    Bottom line IMO is that you have to protect your son.

    January 3, 2009 at 7:42 PM #323780
    fredo4
    Participant

    This is one of the joys of remarriage when you have kids I’m afraid. Is there any kind of compromise that can be made between the two options you mentioned?
    I’m just saying this so you can protect your son, while helping your wife to save face– as she’s probably looking at this as you distrusting and/or rejecting her.
    Bottom line IMO is that you have to protect your son.

    January 3, 2009 at 7:42 PM #323798
    fredo4
    Participant

    This is one of the joys of remarriage when you have kids I’m afraid. Is there any kind of compromise that can be made between the two options you mentioned?
    I’m just saying this so you can protect your son, while helping your wife to save face– as she’s probably looking at this as you distrusting and/or rejecting her.
    Bottom line IMO is that you have to protect your son.

    January 3, 2009 at 7:42 PM #323378
    fredo4
    Participant

    This is one of the joys of remarriage when you have kids I’m afraid. Is there any kind of compromise that can be made between the two options you mentioned?
    I’m just saying this so you can protect your son, while helping your wife to save face– as she’s probably looking at this as you distrusting and/or rejecting her.
    Bottom line IMO is that you have to protect your son.

    January 3, 2009 at 7:42 PM #323877
    fredo4
    Participant

    This is one of the joys of remarriage when you have kids I’m afraid. Is there any kind of compromise that can be made between the two options you mentioned?
    I’m just saying this so you can protect your son, while helping your wife to save face– as she’s probably looking at this as you distrusting and/or rejecting her.
    Bottom line IMO is that you have to protect your son.

    January 4, 2009 at 8:19 AM #324032
    seattle-relo
    Participant

    A friend of mine and her husband (who also has a teenage son from a previous marriage) have had the same type of issues regarding inheritance, property, etc…so what they did was had the husband take out a seperate life insurance policy where his son is the only beneficiary to address the husband wanting to make sure his son got some inheritance and the wife to feel comfortable about her future if he should die before her. I recommend you speak with an attorney, since blended marriages are not at all uncommon these days, I would bet that an experienced attorney would have some creative solutions.

    January 4, 2009 at 8:19 AM #323534
    seattle-relo
    Participant

    A friend of mine and her husband (who also has a teenage son from a previous marriage) have had the same type of issues regarding inheritance, property, etc…so what they did was had the husband take out a seperate life insurance policy where his son is the only beneficiary to address the husband wanting to make sure his son got some inheritance and the wife to feel comfortable about her future if he should die before her. I recommend you speak with an attorney, since blended marriages are not at all uncommon these days, I would bet that an experienced attorney would have some creative solutions.

    January 4, 2009 at 8:19 AM #323870
    seattle-relo
    Participant

    A friend of mine and her husband (who also has a teenage son from a previous marriage) have had the same type of issues regarding inheritance, property, etc…so what they did was had the husband take out a seperate life insurance policy where his son is the only beneficiary to address the husband wanting to make sure his son got some inheritance and the wife to feel comfortable about her future if he should die before her. I recommend you speak with an attorney, since blended marriages are not at all uncommon these days, I would bet that an experienced attorney would have some creative solutions.

    January 4, 2009 at 8:19 AM #323953
    seattle-relo
    Participant

    A friend of mine and her husband (who also has a teenage son from a previous marriage) have had the same type of issues regarding inheritance, property, etc…so what they did was had the husband take out a seperate life insurance policy where his son is the only beneficiary to address the husband wanting to make sure his son got some inheritance and the wife to feel comfortable about her future if he should die before her. I recommend you speak with an attorney, since blended marriages are not at all uncommon these days, I would bet that an experienced attorney would have some creative solutions.

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