question about a will

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  #1  
Old 07-01-06, 05:05 PM
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question about a will

Hello and thanks for taking the time to read my question:
My wifes father had his will made out and named my wife as the executor of his estate that include two small houses. Here lies the problem (maybe) he has another daughter that he has disowned and wants nothing to do with. (we live in Texas),
He is in poor health now if he passes can my wifes sister get her grubby hands on anything?
His bank accounts are another matter they are POD to my wife.
Thank you in advance.
 
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Old 07-01-06, 05:09 PM
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Now is the time to speak with an attorney, before it becomes a problem and while dad can still make decisions.

In some states an heir needs to be included to be excluded. Don;t know if Texas requires this. Speak with an attorney now to make everything bulletproof before it is too late.

I am not an attorney, just a SA know-it-all.
 
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Old 07-01-06, 05:20 PM
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Ok

OK we will have to see the lawyer I will talk to the wife.
So what you are saying is she (sister) needs to have a clause that states she is to get nothing?
The only other option I can think of is that he sells us the houses for a small amount, However the draw back in this is we my mife and I would have to pay the taxes. He is too old so he pays no property taxes.
But thanks for the quick reply.
 
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Old 07-01-06, 05:33 PM
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Like I stated, some states do require an acknowledgement of all the heirs. Otherwise they can claim they were mistakenly left out of the will and contest it. Don;t know if it applies to Texas.

This is definately something an attorney from the germane state needs to be consulted about.
There are other options available to you. The attorney would be able to advise on this as well and be able to give you the benefits and drawbacks of any/all methods.
 
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Old 07-02-06, 12:01 PM
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Michael van;

A couple of things here, you stated that "she (sister) will have to have a clause inserted", if I read your post correctly. Actually you don't need to notify the sister, the phrasing of the codicil (addendum to a will) is along the lines of, "not dismissing my daughter ??? I leave the sum of $10.00 or some other, token amount.

There is another BIG reason to not transfer the ppties now. Upon his death YOUR WIFE will inherit the ppties at a "stepped up" basis. Let's say your FIL's basis is $20,000, but the houses are each worth $100,000 today. If your wife inherits the houses today her basis in each would be $100,000. Which means she could sell them tomorrow for $100,000 each and take that $200,000 without paying any capital gains tax, schweet.

One other thing, you stated that he pays NO ppty taxes. I don't know of anyplace in TX that allows the elderly to pay NO ppty taxes, without them coming due upon the sale or inheritance of those ppties. Although I'm sure he pays very little ppty tax because we do have some great benefits for the elderly in TX.


frank
 
  #6  
Old 07-02-06, 12:20 PM
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In texas you don't have to pay taxes on you home after the age of 65 but if you have more than one home you will have to pay.
 
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Old 07-02-06, 02:28 PM
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What michael said as long as the house is worth less than a certain amount of money (can't remeber the number). If it is worth more, the person only pays taxes on the difference much like homestead exemption.
 
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Old 07-02-06, 03:44 PM
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good tips

That tip to leave my wifes sister a small token amount of money should cover the bases that she was not forgotten but just the blacksheep .
The homes are in no way mansions one were the old man lives is about 50 thousand and the other his brother left him maybe 65 thousand on a good day. Both houses are in need of fixing up and when we get them we plan on just getting rid of them as is for what we can get.( both are next door to each other).
The value is what is in the house and gararge that still has not been entered since my uncle died in January.We did go in the house to get rid of all food.
The gararge is chocked full of stuff from tools to old silver dollars and probbably cash as my uncle stashed it all over the place.
Yes he does have to pay taxes on his brothers house now,Peanuts compared to what I pay on my house .
 
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Old 07-02-06, 07:49 PM
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See the Attorney. A number of years ago, my son decided he wanted nothing to do with me (Mothers boyfriend made that decision) so I changed my will. I asked the Attorney if it was legal to disown him and leave him completely out of my estate. He told me that I had to disown him in the will and that if I left him even one article of mine, he would be entitled to fight for 50%. Besides not wanting him to get anyyhing, I did not want him to be able to tie up everything in court for a long time. Good luck.
 
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Old 07-04-06, 01:53 PM
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would this be legal?

Lets say we take the existing will to a notary and we add in there that the sister gets noting or ten dollars or something to that effect?
The dad would sign it and it would be notarized all on the will.
 
  #11  
Old 09-25-06, 09:14 AM
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Originally Posted by michael van
Lets say we take the existing will to a notary and we add in there that the sister gets noting or ten dollars or something to that effect?
The dad would sign it and it would be notarized all on the will.

Either draft a new Will or Codicil .. NEVER attempt to alter a Will; that will render the Will null and void.
 
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Old 09-25-06, 09:49 AM
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In order to make sure you are compliant with state laws, you really should consult an attorney on this.
 
  #13  
Old 09-27-06, 01:52 AM
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Thanks all an update

Thanks all an update because of all the advice from all of you my wife and I had a new will drawn up so everything will be legal with no gray areas it did not cost too much and it is a done deal.
 
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