Mike CHS
Herd Master
We didn't have water to our house and we used a horse trough in our kitchen as a bath tub in the winter for two years. That same trough was moved to a shade tent in the summer but I doubt that would be considered a garden tub. 
Promise Acre: Our Journey
- Thread starter promiseacres
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- #942
promiseacres
Herd Master
do you know if a partnership or trust is good enough as long as our names are on it? or not even have her name on it??? She would be paying 100% for the property with the proceeds of her current property. Then we'll have to get financing for building a home, shop, ect what ever upgrades we decide upon.
Baymule
Herd Master
Those are questions best answered by an estate planning lawyer. Pony up the money, pay the fees and get the best advice and legal documents you can.
You know when you get financing for upgrades, you will in effect, be putting a mortgage back on the property. Be careful how you do that. If you are going to build a home for either you and your family or for your mom, place it on the land so that only an acre or less is at risk. You would hate to lose the whole place if for some reason you couldn't make the payment. Always think ahead, picture the worst scenario and plan accordingly. I'm not a doom and gloom person, I just know that reality happens and it's not always pleasant. If you are going to finance a barn, don't put the loan in with the house mortgage. You will be able to pay off a barn WAY before paying off the home loan.
You know when you get financing for upgrades, you will in effect, be putting a mortgage back on the property. Be careful how you do that. If you are going to build a home for either you and your family or for your mom, place it on the land so that only an acre or less is at risk. You would hate to lose the whole place if for some reason you couldn't make the payment. Always think ahead, picture the worst scenario and plan accordingly. I'm not a doom and gloom person, I just know that reality happens and it's not always pleasant. If you are going to finance a barn, don't put the loan in with the house mortgage. You will be able to pay off a barn WAY before paying off the home loan.
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- #944
promiseacres
Herd Master
thanks, I know right now Mom is wanting to put it on the smaller parcel (6 acres) BUT it doesn't have good access to the hwy and there's already water and separate electric in the "campground" on the other side of the larger parcel.... will figure out a lawyer too.
Mom's not a planner, my DH is a overplanner...I'm in the middle.... may be interesting. We are going to go get a plow DH from her current property this weekend, hoping to sit down and see if this is even a GOOD idea.
Bruce
Herd Master
Well if she's putting up most of the money, I guess you can get a cot at the Army surplus store for her instead of just hay bales
As with many here, I'll be watching with interest how this plays out.
I don't think a partnership is the right vehicle for what you're trying to do. That would involve partial ownership issues and probate court when the inevitable happens. You really want to avoid probate at all costs... because it REALLY costs! Pretty sure a revocable trust is the way to go. Trusts walk right past probate. Your really DO need to set up an appointment with an estate planning lawyer (with tax background).
Pretty sure a revocable trust is the way to go. Trusts walk right past probate. Your really DO need to set up an appointment with an estate planning lawyer (with tax background).- Thread starter
- #947
promiseacres
Herd Master
Well. Have a name of a lawyer. But waiting to talk to him until Mom gets solid offer on her property. Unfortunately everything is based off that.
Bruce
Herd Master
Why? You should have preliminary discussions with the lawyer so s/he knows what you are planning and can advise you in that direction. You don't want to be in a 747 on a short runway. If you wait until there is an offer on the house, Mom will be living in your spare room. Unlikely anyone would make an offer that includes Mom having months and months of time to figure out what she is going to do.
Agreed... don't wait! Some trusts take time to set up and get established. There might also be tax consequences from the sale. It should be done, so don't wait and miss out on potential savings opportunities. Generally a lawyer will "gift" the 1st 1/2 hour of his/her time to try and determine if they should take you as a client, and give you time to determine if they are the right attorney for you. You should talk with several before deciding which one to use.
- Thread starter
- #950
promiseacres
Herd Master
Sitting down with her this weekend so if we can come to some verbal agreements on how to go about this then we'll involve a lawyer. She may say no to putting things in our name...
it's only been in the last couple of years that we have really had a good relationship. My teen years were tough due to a step father and well just being a teen. But water under the bridge. We still have our love of horses and she definitely loves my kiddos. The property we like is zone recreational so also trying to figure out if a 2nd home/apt is even possible. Our agent is coming Tuesday to give her opinion on our property, ect. Lots of prayers are much needed!
it's only been in the last couple of years that we have really had a good relationship. My teen years were tough due to a step father and well just being a teen. But water under the bridge. We still have our love of horses and she definitely loves my kiddos. The property we like is zone recreational so also trying to figure out if a 2nd home/apt is even possible. Our agent is coming Tuesday to give her opinion on our property, ect. Lots of prayers are much needed!
