Exactly! You know I didn't. It is ludicrous that they think it is acceptable, that is for sure! I didn't do that while paying little prices, you think I would do it for this one? Can you believe there are people that bid on that house without it? They forgo all inspections. It is not because they are trying to hurry up and get it all in, it is because it is a quick inheritance deal. I think (or heard) one of the kids got disinherited and they want to seal the deal sooner than later. The poor old guy is barely cold. Yikes.
I would rather not have to be sad or regret anything. While it is sad and a little bit of a letdown, I am truly okay with it. There are a lot of good houses out there and it wasn't sitting well with me being so far out of circulation there. There was no real town, it was over ten miles away and no grocery or markets there, they were in a town 22 miles away. So, I think I may have dodged that bullet. I am a baby and I don't like feeling like that.
Everyone wanted that house, but, truly they were getting emotional about it. I want no regrets and guess what? I am sitting here tonight, not regretting the lack of the house in my repertoire. There will be another. There always is.
That story about the house is crazy!!! I do believe you after what I have heard. That sounds exactly right! Thanks so much for the fun, El! I hope you have a great weekend!
#MarketFriday loves you!
!PIZZA
Mother doesn't live as far as that from the town & markets, but they are not convenient to her location. WHen they moved there, they just learned to stock a big pantry (and deep freeze) and other items and keep lists of things they needed and places they needed to go, to make sure they got everything done while in town. It took a while, but eventually it just became second nature and didn't seem like a chore.
Although I can imagine it being that way of a sorts about fast inheritance, that doesn't sound smart either, I mean, why be in a hurry? Why not give it proper time and get more money? ... well... unless you have something to hide. I would think all that inheritance mess would have to be settled and final before anything major could be done. I am certainly not the expert on that though. Somehow sounds a little fishy, doesn't it?
It was a trust which makes it irrevocable. I am not sure why they wanted to get it settled immediately. There was a week from when ir was offered to the pending offer. It is the price they wanted. Mine was more. I am at peace with withdrawing. Our summer house in Michigan was 25 miles from town. I was okay with it.
I am not a huge fan of it, but it is ok. Im more social than that though. 😀
A trust.... I see. That is what my Mom has for her home and children.
Social ?...That just means you have to throw a lot of parties and let the people come to you ! Pot Luck of course....LOL
A trust is more expensive to set up but has many great features. If you have a trust, it is invisible to the IRS. That is important in many states. They won't even blink your way, as long as the assets are sold at fair market value there will be no reportable gain, loss, or gift tax assessed on the sale. Hello? That is a win!!! There will also be no income tax on any payments paid to the grantor from a sale. Best case scenario! As an aside, you must put your property in a trust before you get ill or need care. Anyone who has had a long-term illness in the family will understand these reasons. The illness can suck the life out of your assets. When you put your property in trust before going into any type of care, it is not considered to be owned by you and is not used to fund your care.
That is why your mom did it. It was a smart move on her part.
That is also why this man did it. It can be sold asap, no waiting on anything.
I of course have never studied all the features of a trust, even though I have heard the word now and then through my life and had a shallow understanding of it. Mom put the house and property in trust for her children when she remarried, so it has been that way a long time now.
We do understand about some of the things that should be in place long before illness, but understandably, it is hard for some elderly to do it as they don't understand and think it is giving their things away where they will have no control. My Grandmother did that. She went along with some things and others she did not.
Illness sucks away many people's assets unfortunately.
You are right. Depending on when parents/grandparents make out their wills or change them, they often feel like they will lose control of their assets. I am sure it has happened in some way, otherwise, how would that rumor have started?
Illness does suck away the assets nowadays. Have you seen what the cost is for a private duty nurse if you have no insurance?
Of course those crazy things happen and it is too bad that someone can work their whole life, make a modest living and accumulate a modest amount of things, only to have it disappear. Most people would like to leave a little something for or to help their loved ones. A lot of folks also have no idea what it can take to make that happen or can't afford to put things in place to assure it.
Private duty anything is not affordable to the majority.
There are so many different trusts it is confusing.
Many people who remarry put their assets in a trust to protect their children. It sounds ugly when I say it, but, the intent is to keep your father's assets for his children, as was just an extension of what he had been doing.
I think it is a very good thing. One of the reasons that people with big money almost always have a trust of some kind.
I would not have known to advise anyone on anything about such things, but fortunately, my younger sister worked for a local lawyer for years and after that, in a large law firm (large for here ...LOL), so fortunately for us and Mom, she knew a few things.... about a few things.
Oh, yeah... I love pot luck! :)