Long story not short,family friend has been diagnosed with cancer and not the kind you generally get better from and I don’t know the most efficient or correct way to handle the assets.
Forgive me if I go on a bit for therapy,this has been an unfolding situation the past three weeks dealing with everything as far as doctors and i’ve just finally sat down.
He is technically not family,he has simply been my male role model and close family friend for over 20yrs.
He has always said he would leave the lake house where he lives (and I used to live) and everything to me and whatever new car he had at the time to my son,maybe even the 1/2 ownership in a boat but I can’t remember, I have no need for anything and told him he should leave it to his family but even they said they always figured it would go to me and son.
I would like to just give it all to my son.
We want to keep the house until he is older and either sell it if needed to pay for college or just let him have it to move into.
We’ll keep the car as well till son drives in a couple years,just give boat share to his sister if friend doesn’t.
Home (trailer) is actually in a resort area,it is paid for but the land it has always sat on can’t be owned it is leased from the resort monthly (and has been for prob 40+ yrs).
We would assume paying it if we don’t in the coming months anyway,the property is conservatively worth around $70k based on one in worse shape with less amenities that sold few years ago,people buy the spot usually as they are hard to get.
Now,my son has some differences though not disabled. He has and will again require numerous surgeries,we do not want this to affect his medicaid stuff at all as I could never afford the expensive surgeries.
I am not the executor and don’t wish to be,his sister will handle funeral arrangements and such.
For all I know just her transferring the title will be fine,but he wants to sign it over now to either me or him.
I don’t know any implications of any of this,i’m not clear on if any money is involved though I think his only insurance is for the burial fees.
He’s tried to do it for years and i’ve put him off and now he’s in a mode that while understandable is also prone to doing something the wrong way in haste.
Any questions that would help with any advice please post and i’ll answer.
Sorry for long-winded.
Submitted July 17, 2019 at 08:07PM by DefEddie https://ift.tt/2NYDYQs
