Sooo
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Sooo
| Tue, 01-26-2010 - 4:54pm |
it is with trepidation I write this but I do need somewhere to vent and can't say anything to one single soul for fear of appearing cold.
I don't know if I mentioned it, but DH's grandma is very ill.


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First of all, I am sorry she's so ill, but it sounds like she's had a fabulous life.
Secondly, you are absolutely not being a bad person for checking out your finances and preparing to deal with what sounds like an inevitable question. It's terrible that she's so ill - but the fact that you are aware of and dealing with the practicalities of the situation in no way means you love her any less and, from what you've said, I think she'd understand and probably recommend you check things out. I know that in these situations society has trained us to stop and put everything on hold - but frankly that is not always possible and when it's someone you love and known for many years, I honestly believe it is more respectful to carry on with your lives and be in a position to be able to sort out the inevitable questions and assets matters
Marie,
I'm so sorry to hear that your DH's grandma is ill.
Kate
Plus it may save a lot of agro when your DGM does pass away. JMO
No, you are not bad for thinking ahead. It's not like you are being opportunistic or anything, rushing to her side after years of neglect. However, there is a lot of information missing from your post.
Are you considering the possibility that she will gift the property to you before she passes? Or would you buy it now? Those are really the only options while she is living, and have very different tax implications.
If you are thinking about what will happen after she dies, I bet she has a will and this property will become part of the estate, and the distribution of assets will happen per her will. You may be offered the first right of purchase, but that would also depend on the will and who the executor is. It is my understanding that it would have to be purchased at fair market value unless there is some other stipulation in her will. If she dies intestate, then it will all go through probate and the above would almost definitely be true.
Another thing to consider if you do end up with this property is the fact that your son might not be interested in purchasing your current cabin upon his graduation. Who knows where in the country or world he will live, and if he would really make use of it. I would not have wanted to be saddled with real estate, especially a vacation home, right out of college.
Just food for thought...
I think you are just being prepared, Marie, and there is nothing wrong with that.
I agree also.
Norma
"Patience is the best remedy for every trouble"- Plautus
All good questions.
I'm glad she is doing better.
Marie, don't feel bad for crunching numbers at all. Its just practical. I am so glad she is feeling better.
I am in a similar situation myself to be honest. My grandma lives in the cottage on the lake that my grandfather built for her 50 years ago. At the time, it cost $86 for materials and $101 for the land (on the lake, lol). Since then its been remodeled and rennovated and is now winterized. Its my favourite place in the world! My grandma is getting older and her health is failing. In her will she wants the cottage sold and the assets divided among her 7 children. I would hate to see it levae the family, but no one in my family is in the financial shape to buy it. I am hoping she can last another few years so I can get my act together and have some hope of buying it (even if I have to split it with my cousins!)
Bex -
"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."
Bex -
Bex -
Your case is very much like ours.
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