Tuesday, June 19, 2012

So What Was The Plan?

Over the last few weeks, we’ve been writing about adjusting to the reality during actual construction of the addition onto Priscilla’s house for our office and Patricia’s family. 

Fortunately, the outline of our plan to deal with inheritance questions remained constant.  Only the exact numbers changed as costs rose and time flew by. 

Patricia would share maintenance and most improvement expenses while living there.  She would contribute to the payments on the new mortgage that financed the addition.  Priscilla and Ed would remain sole owners.  After her parents’ deaths, Patricia could inherit an extra percentage of the house, primarily based on the reduced mortgage loan. 

Having Jeanette, Priscilla’s other daughter, in the family is handy, as she is a CPA.  She can crunch the numbers when needed.  Determining and writing up the appropriate formula after the dust settled would be complex, but we knew Jeanette could get the right result and make sense of it when needed. 

And, most important, Jeanette was totally ‘on board’ with the plan.  In fact, she insisted on a more generous calculation of what could eventually be Patricia’s ‘extra share’ in the house.  Her payoff – better peace of mind about her parents living situation and simpler visit planning for holidays. 

Figuring out how to live multi-generationally is not easy, but we are sold on the rewards in our own situation and have seen similarly good situations in some other families.  To discuss the possibilities for your own family’s future, please call our office at (815) 436-1996 for an appointment.  ©2012 Gruber Law Office, Ltd.


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