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Old 07-31-2012, 05:55 PM
 
Location: Tempe, Arizona
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Quote:
Originally Posted by lifelongMOgal View Post
If there is only a 190K mortgage on a $ million+ home, allow the estate to sell the home, paying of the mortgage. Keeping a million dollar home for a rental, unless in an exclusive tourist resort, is insane, IMO. ...
As you indicated, it depends on where the house is located. A million dollar home in Queens is not all that high end, and likely would provide good rental income.
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Old 07-31-2012, 09:06 PM
 
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yeah -- I was just going to say that. A million+ in NYC, is not the same as a million plus in a lot of other areas of the country.

Here - mid-size midwestern metro area, a million plus would basically either be a LOT of acreage, or a HUGE (6000+ sq feet) tricked out house.

In Queens its probably much more modest, bordering on average. Location location location.

And the house isn't the children's until the estate's debt is settled. (unless he gave them the house while he was still alive?). So, as the other poster pointed out, any debts (credit cards, mortgage, etc..) would need to be settled before estate is disbursed to heirs.

Which is why that mortgage would have to be refinanced. You would basically be buying the house for the cost of the outstanding mortgage (assuming there are no other debts).
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Old 07-31-2012, 10:04 PM
 
Location: Knoxville
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This is probably the worst place to be asking these types of questions. There are serious legal and tax implications if you do something improperly.
You need to consult an attorney. Hopefully, there is an attorney handling the estate, will, probate, etc. now.
Closing out my Mother's estate took 18 months, and it was pretty simple. There are so many hoops to jump through.
Get (and follow) professional advice now!
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Old 08-01-2012, 06:27 PM
 
Location: southwest TN
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Follow Barking Spider's advice! Get an "estate/probate" attorney N.O.W.

If you don't know of any, contact any of the following Bar Association lawyer referral services:

Public Lawyer Referral Services in Queens County | Lawyer Referral Services Org

The one in Brooklyn charges $25 for a 1/2 hour consultation and the other 2 - Manhattan and Queens charge $35 for the same.

You will get an attorney who specializes in your area of practice. Even if you intend to do this on your own, which I strongly advise against, the initial consultation will at least give you a starting point. If you have never probated a will or administered an estate, you should not try to do this on your own.
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Old 08-01-2012, 07:23 PM
 
4,626 posts, read 7,200,374 times
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Quote:
Originally Posted by NY Annie View Post
Follow Barking Spider's advice! Get an "estate/probate" attorney N.O.W.

If you don't know of any, contact any of the following Bar Association lawyer referral services:

Public Lawyer Referral Services in Queens County | Lawyer Referral Services Org

The one in Brooklyn charges $25 for a 1/2 hour consultation and the other 2 - Manhattan and Queens charge $35 for the same.

You will get an attorney who specializes in your area of practice. Even if you intend to do this on your own, which I strongly advise against, the initial consultation will at least give you a starting point. If you have never probated a will or administered an estate, you should not try to do this on your own.
Unless the deceased named his ex-wife as executrix of his estate, the duties fall to whomever is named in the will to probate the estate.

Assuming she was named, the easy way to do it is to contact the attorney who wrote the will. Said attorney may be familiar with the deceased's assets such as life insurance, retirement plans, bank and brokerage accounts etc.

If she was not named, then the only advice she would need would be how to handle the eventual outcome of the property which was bequethed to her children, with the full knowledge that one of the first directions in a will is to pay ALL DEBTS and funeral expenses. This may entail the property being sold and her children receiving the remainder of the money left...which could pose a problem with their financial aid for school if the aid has been based on need.
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Old 08-02-2012, 07:11 AM
 
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Of course, you need to consult with an experienced estate attorney...but, to me, dealing with the house is a no-brainer: sell the house and have them invest in DIVERSIFIED investments. Having all of their eggs in one basket is NOT the way to go. Tenants could trash the house, it could go down in value, it could be a headache to manage, etc., etc.
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Old 08-02-2012, 04:59 PM
 
3,994 posts, read 8,728,715 times
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I agree with everyone else that you should speak with a professional. And ultimately it would be the kids decision as they are adults.

That said, What I would recommend is selling the home and then splitting the proceeds between the two. Work with a financial adviser, get each of them set up in some diverse, stable, dividend paying investments.

The dividends would be enough for them to pay their way through all living expenses while at college. After college ends and they get some stability, they would have a few hundred thousand dollars in the bank to use as they want. It would be enough for each of them to buy a nice middle class house/condo outright, even in the NYC area .
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