I have 2 children. I have sold my house to one of my children at fair market value. They have used 1/2 of the value as their down payment and I will receive the other half at closing (there is no current mortgage on the house). My question: What is the best method for me to use to set aside the 2nd half of the house value for my other child, who is not a minor but is not in a position to take the money right now?
JA: You just pay a $5 deposit now and the rest only when you get a reply from the Estate
Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.
Customer: how do i pay the $5?
JA: When we are ready I'll take you to the appropriate web page.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: The house is in NJ, I live in NJ. The daughter for whom I need to set aside money lives in New York.
JA: What documents or supporting evidence do you have?
Customer: at the moment, nothing we have not closed yet
JA: Anything else you want the lawyer to know before I connect you?
Customer: I have investigated Totten account and Irrevocable Trust. I don't like Irrevocable Living Trust
because of the need to set up criteria upon which the trust can be accessed by my daughter. I'm not clear on how NJ would treat the POD
account. I'm married and other assets are already in various funds. ok