The Question
Wife’s son’s house: $900k, $500k mortgage; unresolved family conflict.Wife’s son’s house: $900k, $500k mortgage; unresolved family conflict.
We have our own house with a small mortgage and a trust, which goes to one or another, when one of us pass. my wife brought her son and family from Thailand. She then purchased her mother’s house when she passed, the son and his family have lived there for the last five years, she took her annuity of 250k from our trust to remodel the other house, where the son lives.
For the last 1 1/2 years my wife and her son have not spoken. i have tried to get them back together but they ignore me. She did purchase the house for her son. The mortgage is in my wife’s name, present value is about 900k with a mortgage 500k.
What is the situation if she passes regarding the house where her son lives.
This is a doozy of a question. I can hear your emotions in the words you have typed in this question.
Ultimately, this answer needs to come from an Estate Planning Attorney – not a Financial Advisor. Good Luck and I hope you get clarity on these issues.
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