Posted on: 25th Jan, 2009 07:37 pm
I am a 24/7 live-in caregiver for a 93 year gentleman. He has all his wits about him and is extremely healthy. Some short term memory loss related to the timing of events, but remembers the event itself. He may remember that we had a specific discussion-yesterday--when it had actually occurred last week.
Am giving these details because he has only enough money left to pay me for my services for another 12 months. I really am devoted to this man and have promised him that I will take care of him for the rest of his life and that he will never return to a nursing home...not on my watch!
He has a Living Revocable Trust; owns his property outright; and will likely live another 5 -7 yrs, or more.
He has told me that he wants me to be able to stay in "the house after he dies and wants to leave ths house to me. I don't feel entirely comfortable with just getting the house without putting in some sort of exchange. I offered to purchase the home from him, but he declined.
He said that if I'm going to promise to stay with him after his cash runs out...and essentially "work for free" then he wants me to have the house. I've agreed to do this.
I asked him if we should tell his Trustee about the agreement and he said that it's better to deal with his attorney. As far as I know, the house has not been put into the trust account.
But what if it has? Will he need to revoke the entire trust to have the house no longer included in the trust?
We will be talking to his attorney about making the agreement legal.
However, for tax purposes and to avoid the property being reappraised at whatever the current market value would be upon his death, I am wondering if the whole thing can be made legal by just getting married and then quick-claiming me 1/2 the property with rights of survivorship?
Also, when we talk to his attorney, does the current Trustee need to be notified AND approve the agreement? As it stands now, the trust states that his estate is to be split 5 ways among the neighbors which included the Trustee.
The Trustee does not have a DPA DPA...and only appears to have a separate bank account that contains the elder man's cash assets.
I think the agreement benefits us both.
I was accepted into an Accelerated Bachelors degree nursing program, but declined the offer because it was a very intense program and would have prevented me from continuing to give the best care possible. Gone would be the days of 4 hour domino and card games as I would have to study at every spare moment I had.
I had to make a choice between taking care of him or getting a BSN in 14 months and making $65K a year. I decided that his happiness and welfare are more important.
I do not regret the decision as I can always go back to school after he passes away if I still want to.
I give you all this info so you don't think that I am taking advantage of this man. I truly love him and the feelings are mutual. Not a romantic love, but in a committed lifetime companion sort of way.
I feel that marriage where we commit to care for and take care of each other is just as valid as a reason to as romantic love.
Can you offer your opinion on the legal ramifications of the real estate and how best to codify our agreement without incurring huge legal fees/costs?
We live in California.
Am giving these details because he has only enough money left to pay me for my services for another 12 months. I really am devoted to this man and have promised him that I will take care of him for the rest of his life and that he will never return to a nursing home...not on my watch!
He has a Living Revocable Trust; owns his property outright; and will likely live another 5 -7 yrs, or more.
He has told me that he wants me to be able to stay in "the house after he dies and wants to leave ths house to me. I don't feel entirely comfortable with just getting the house without putting in some sort of exchange. I offered to purchase the home from him, but he declined.
He said that if I'm going to promise to stay with him after his cash runs out...and essentially "work for free" then he wants me to have the house. I've agreed to do this.
I asked him if we should tell his Trustee about the agreement and he said that it's better to deal with his attorney. As far as I know, the house has not been put into the trust account.
But what if it has? Will he need to revoke the entire trust to have the house no longer included in the trust?
We will be talking to his attorney about making the agreement legal.
However, for tax purposes and to avoid the property being reappraised at whatever the current market value would be upon his death, I am wondering if the whole thing can be made legal by just getting married and then quick-claiming me 1/2 the property with rights of survivorship?
Also, when we talk to his attorney, does the current Trustee need to be notified AND approve the agreement? As it stands now, the trust states that his estate is to be split 5 ways among the neighbors which included the Trustee.
The Trustee does not have a DPA DPA...and only appears to have a separate bank account that contains the elder man's cash assets.
I think the agreement benefits us both.
I was accepted into an Accelerated Bachelors degree nursing program, but declined the offer because it was a very intense program and would have prevented me from continuing to give the best care possible. Gone would be the days of 4 hour domino and card games as I would have to study at every spare moment I had.
I had to make a choice between taking care of him or getting a BSN in 14 months and making $65K a year. I decided that his happiness and welfare are more important.
I do not regret the decision as I can always go back to school after he passes away if I still want to.
I give you all this info so you don't think that I am taking advantage of this man. I truly love him and the feelings are mutual. Not a romantic love, but in a committed lifetime companion sort of way.
I feel that marriage where we commit to care for and take care of each other is just as valid as a reason to as romantic love.
Can you offer your opinion on the legal ramifications of the real estate and how best to codify our agreement without incurring huge legal fees/costs?
We live in California.
Hi Charlie,
If the property is not included in the revocable trust, then he can simply add you to the property deed with the help of a quitclaim deed or a warranty deed. Both of you can also go for a joint tenancy with right to survivorship. The joint tenancy with right to survivorship will help you in inheriting the property directly after his death.
But if the property is included in the revocable living trust, then I think he will have to revoke the trust to add your name to the property. As both of you will be consulting his attorney, he will be the best person to give advice in this regard. As far informing the trustee is concerned, I think he needs to be informed if the property is included in the revocable trust.
Thanks
If the property is not included in the revocable trust, then he can simply add you to the property deed with the help of a quitclaim deed or a warranty deed. Both of you can also go for a joint tenancy with right to survivorship. The joint tenancy with right to survivorship will help you in inheriting the property directly after his death.
But if the property is included in the revocable living trust, then I think he will have to revoke the trust to add your name to the property. As both of you will be consulting his attorney, he will be the best person to give advice in this regard. As far informing the trustee is concerned, I think he needs to be informed if the property is included in the revocable trust.
Thanks