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    #1

    inheriting house in FL

    My mother is working on trying to provide an inheritance of her home in FL for me. With hurricane season fast approaching as well as the possibility that my rental might have asbestas...she will charge me about $100 more than my rent currently is, but she will pay the taxes and insurance. I will be responsible for the regular house bills & she wants to go into an assisted living facility.

    I think this is a sweet deal as you can't rent anything 2/2 for less than 1K in bradenton/sarasota this close to the beach, she's just under 5 miles to island.

    My $700/mo for rent is obviously going nowhere for me...

    With FL law, I don't think they can take the house from me?
    Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
    Who it was we were below, where we've been and where we go
    Tags: None
    #2
    OKAY,
    I see your discharged, but not closed......... not a good thing.

    Trustee can seize home as an asset if home is paid off....... (remember your case can be reopened after closing up to one year).... and yours is still open!!

    Suggestion,

    You really need to check into the Fed laws and the Florida laws, regarding the inheirtance issue. Contact an attorney or two and see what they tell you......

    In FL can you mom go into assisted living and still own the home and you make the payments like rent....... till your case is closed and completely over??? Like a "take over payment" (or for you - rent) until your case is completed.

    If the home has to be sold for her to go into assisted living quarters, then you will have to come up with some other way to handle it....

    If its paid for - she may be able to put it into a "trust" for you.......

    Keep me posted,

    Sounds like a great opportunity for you!!!
    Last edited by Minnymouth; 05-04-2006, 06:48 AM.
    Minny

    "It's amazing the paths that our feet sometimes follow in life".

    My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

    Comment

      #3
      Minny....

      ...she's already gone the "trust" way...and told me this morning that after she's gone (spirit in the sky), it will be explicitly stated that if I decide to sell the house; it must be reinvested in real estate....due to what happened with the substance issue....this is good because it protects me, keeps a roof over my head...and my bf can't smoke it up!
      Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
      Who it was we were below, where we've been and where we go

      Comment

        #4
        If its in a "trust" the Trustee cannot touch it till you actually inherit it.....which is hopefully a long way off...............

        Your mom sounds like she is a smart woman......... Unleash you brain, I'm sure a lot of it rubbed off on you - you just haven't realized it yet......


        Course when your young and in love - smart sometimes flys out the window!

        Minny
        Minny

        "It's amazing the paths that our feet sometimes follow in life".

        My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

        Comment

          #5
          Your mom sounds like she is a smart woman......... Unleash you brain, I'm sure a lot of it rubbed off on you - you just haven't realized it yet......


          Smarter than the average bear!!!! lol.

          Well, she doesn't approve of my bf either; she and he are cut from the same cloth except mom is very old school & can back it up where my bf like to look cool but he can't chill without me behind him...so yes, mom knows what's up!
          Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
          Who it was we were below, where we've been and where we go

          Comment

            #6
            AMIS, Min is right. Talk to an Attorney first. When you say Ft. Myers dollar signs appear and sharks circle. Very nice. Amis fer BK'er you sure got some "pricey" addresses. Ft. Myers ain't no hick town anymore! LOL

            Heck, some 75x100 lots are goin' over 90k there! A 2/2 is probably pretty pricey. That is a very nice inheritance.
            Last edited by robivi3; 05-04-2006, 12:38 PM.
            "You once asked me for advice. You want some now? Never pass up a good thing." Lieutenant Jean Rasczak, Starship Troopers

            Join the Mobile Infantry and save the world. Service guarantees citizenship.

            Comment

              #7
              I'd suggest, just as a CYA for you short term, for the Court,.........

              Write up a Lease agreement between you and Mom. You're honestly going to be paying Rent, so have a written statement to that effect.

              There are lots of Lease agreements available on the Net for free. All you gotta do is print one off, you sign it, Mom sign it, and you're legally covered.

              Plus, it's 180 days on windfalls after a Ch 7 is closed that the Trustee can come after the assets.
              Filed Ch 7 - 09/06
              Discharged - 12/2006
              Officially Declared No Asset - 03/2007
              Closed - 04/2007

              I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

              Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

              Comment

                #8
                Originally posted by robivi3
                AMIS, Min is right. Talk to an Attorney first. When you say Ft. Myers dollar signs appear and sharks circle. Very nice. Amis fer BK'er you sure got some "pricey" addresses. Ft. Myers ain't no hick town anymore! LOL

                Heck, some 75x100 lots are goin' over 90k there! A 2/2 is probably pretty pricey. That is a very nice inheritance.

                Ft. Myers??? no ft. meyers here...lol....I'm talking Sarasota/Bradenton!
                Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
                Who it was we were below, where we've been and where we go

                Comment

                  #9
                  Originally posted by SinkingFast
                  I'd suggest, just as a CYA for you short term, for the Court,.........

                  Write up a Lease agreement between you and Mom. You're honestly going to be paying Rent, so have a written statement to that effect.

                  There are lots of Lease agreements available on the Net for free. All you gotta do is print one off, you sign it, Mom sign it, and you're legally covered.

                  Plus, it's 180 days on windfalls after a Ch 7 is closed that the Trustee can come after the assets.

                  After all my mom has been through with me; there will definitely be a lease agreement....no questions about that one....I don't think my name will go on the property either, as it has already been included in her trust. The trustee is a super person and who I've known for over 10 years...they just want everything to be right, due to my circumstances.
                  Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
                  Who it was we were below, where we've been and where we go

                  Comment

                    #10
                    Originally posted by SinkingFast
                    Plus, it's 180 days on windfalls after a Ch 7 is closed that the Trustee can come after the assets.
                    I actually think it is 180 days after filing.
                    Last edited by alh; 05-05-2006, 05:23 AM.

                    Comment

                      #11
                      Originally posted by alh
                      I actually think it is 180 days filing.
                      We went thru this with an attny during a Consult. The attny is the daughter of one of the Trustees here.

                      We were really concerned about being in a Ch 13 plan because our folks are older right now any way. My Mom had end stage Chronic Renal Failure. Going on dialysis some time soon. Our folks are not rich folk, but we could possibly come into a couple small inheritances during a 5 year Ch 13 payment plan. I hope not, but the possiblity does exist.

                      The attny said 180 days after close for Ch 7 as well.

                      Just quoting her there.
                      Filed Ch 7 - 09/06
                      Discharged - 12/2006
                      Officially Declared No Asset - 03/2007
                      Closed - 04/2007

                      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                      Comment

                        #12
                        I thought in FL....

                        that your home is untouchable? And, that's why so many people come here & pour everything into the house???
                        Filed Oct 2005discharged February 2007,Shapeless in the fire's glow, tell me if you think you know,
                        Who it was we were below, where we've been and where we go

                        Comment

                          #13
                          The attorney may have mis-spoke. I have a form from our 341, plus I did a quick google on bankruptcy inheritance and 180. It is 180 days from the day of filing (for a chapter 7 anyway). I also came across some good sites with that search that explain what to do if you expect an inheritance within the 180 days.

                          Comment

                            #14
                            Originally posted by AMISLANDER
                            that your home is untouchable? And, that's why so many people come here & pour everything into the house???
                            Old Law that was true. That's why celebs like OJ, came, bought mansions/estates, and filed BK. Sink all the money into property and then it was exempted in BK.

                            New Law, FL residents are now limited to the same $125K equity limit as everyone else.

                            Those were 2 big factors behind BK reform. To stop flight to a debtor friendly state just prior to filing, the new 2 year residence rule. And to prevent investment in real estate in debtor friendly states like FL and TX where there was no Homestead exemption limit. The new $125K equity rule.

                            Thanks for the clarification, ALH. That's nice to know. Considering it takes 3-4 months to get thru a Ch 7, the 180 days expires soon after a straightforward discharge and close. Kewl!
                            Filed Ch 7 - 09/06
                            Discharged - 12/2006
                            Officially Declared No Asset - 03/2007
                            Closed - 04/2007

                            I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

                            Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

                            Comment

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