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socrateaser
socrateaser, Lawyer
Category: Family Law
Satisfied Customers: 37952
Experience:  Retired (mostly)
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My husband is a co trustee who inherited this house we live

Customer Question

Hi,My husband is a co trustee who inherited this house we live in from his mother before her death which my father is law signed a quick claim when they separated due to his cheating. His parents set up the trust which my husband is a only child and also a co trustee.My husband is the sole owner and has a deed of this house and this house is not a part of the trust. My father in law who is 91 yrs old is getting nasty towards to us and he i s trying put this house back into the trust and appointed his caregiver as a exacutioner and gave her a full authority over this house if my husband dies who is 64yrs old with drinking problem. My father in law also had his own house but had to sell last year from reverse morggage and still has over a 1 million cash left from the sale. His lawyer asked my husband to sign bypass trust over 750k on the bank account to save tax after my husband refuses to sign exemption of the account. My husband 's friend is a lawyer,and he checked into it and told my husband bypass trust was already set up by his parents so he has to sign the bypass trust bank account. So my husband went to the bank with the lawyer and his father and signed his name . Now after this the lawyer won't answer my husband's question why my husband has to sign when his father has an account at same bank. I have a bad feeling about this because my father in law will do anything to kick me out of this house if my husband dies. Also my father in law didn't pay estate tax yet after sale which is around 3 million dollars but the bank took big chunk from reverse morgage and still has over a million . my father in law wrote a will and give everything away,so nothing comes my husband. My question is do I keep this house as a wife if my husband passes which is not in the trust and signing the bypass trust at the band for 750k,what is this mean? I read so much stuff about bypass trust,may be signing means my husband has to claim his house into the trust or we will be responsible for the tax if my father in law dies before paying tax from selling his house which is a lot of money. What is the reason behind my father in law is not paying tax when he has money and set the account to save money tax and make interest from 750k. I don't have a good feeling about this whole situation. My husband told me his father winked at him when he signed on the electronic machine. every time my father in law winks it means somebody is about to get screwed by passive aggressive person. My husband thinks house will come to me and he told me he doesn't care about money . I just wish my father in law won't trick my drunk husband with his lawyer over this house. Please help me. My husband thinks this house will come to me. He told me not to worry about it but he drinks more over the whole his father's nasty situation. Please don't tell me you need to read the paperwork about bypass and trust. I wrote every detail I know ,but I don't know the legal outcome ,my father in law is 91yrs old alcoholic alive and still kicking and my husband is 64 yrs old with drinking problem. So you get the picture.
Submitted: 9 months ago.
Category: Family Law
Expert:  socrateaser replied 9 months ago.

Hello,

Assuming that I understand your complex facts, if the property is held in your husband's name, and it's not part of the trust, then your father-in-law would have no claim against the house whatsoever. If your husband dies, and he has no heirs other than you, then you would inherit the house as your sole and separate property.

Pretty simply, really.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!

Expert:  socrateaser replied 9 months ago.

Hello again,

I see that you have reviewed my answer, but that you have not provided a rating. Do you need any further clarification concerning my answer, or is everything satisfactory?

If you need further clarification, concerning this matter, please feel free to ask. If not, I would greatly appreciate a positive feedback rating for my answer -- otherwise I receive nothing for my efforts in your behalf.

Thanks again for using Justanswer!