Blended Family Trusts and Protecting Interests

[legallychallenged]

Jurisdiction

Massachusetts

I would like to protect my fiance/wifes ability to remain in our home if I should pass away, I would also like to simultaneously protect my children so that my fiance/wife MUST leave my children my share of our home if she passes away or receives an inheritence. My intent is to prevent her from becoming homeless but also gurantee that my children WILL absolutely receive my share of our jointly owned home in the event of her death. How can this be accomplished? If she is allowed to liquidate the home in order to buy a new home she could make a poor investment and loose my share(my childrens) share. What do I we have for options here?

 

[army judge]

What do I we have for options here?

If you and the other person AREN'T married, all of your desires might not be possible.

I suggest you and the other party discuss your needs, wants, wishes, desires with an estate attorney or three.

What you shouldn't do is seek the advice and counsel of strangers.

 

[zddoodah]

I would like to protect my fiance/wifes ability to remain in our home if I should pass away

If??

Also, do you have both a wife and a fiance? A fiance (or fiancé) is a man you intend to marry. A woman you intend to marry is your fiancée (or fiancee). I assume the actual situation is that you currently do not have a wife and are engaged to a woman who, if all goes according to plan, one day, become your wife. Correct?

I would also like to simultaneously protect my children so that my fiance/wife MUST leave my children my share of our home if she passes away or receives an inheritence.

Again with "if." Also, I'm not sure about the second part of the disjunctive. "Or receives an inheritance" from whom?

My intent is to prevent her from becoming homeless but also gurantee that my children WILL absolutely receive my share of our jointly owned [when she dies]. How can this be accomplished?

The simplest way to do this would be to create a trust, and I'd recommend that you do it before you get married. And, if the kids to whom you've referred already exist, you might also want to discuss a prenuptial agreement.

 

[legallychallenged]

If you and the other person AREN'T married, all of your desires might not be possible.

I suggest you and the other party discuss your needs, wants, wishes, desires with an estate attorney or three.

What you shouldn't do is seek the advice and counsel of strangers.

Thank you for your input, we have consulted several attorneys and are still at a loss as to how to accomplish this goal and am trying to consider all options.

 

[legallychallenged]

Again with "if." Also, I'm not sure about the second part of the disjunctive. "Or receives an inheritance" from whom?

Significant other stands/hopes to inherit a significant amount however there is no gurantee there will be anything. She's a real pain in the ass and I think she may try to spite me and my children down the line and prevent them from receiveing anything from MY hard earned money if I die first.

 

[Zigner]

Significant other stands/hopes to inherit a significant amount however there is no gurantee there will be anything. She's a real pain in the ass and I think she may try to spite me and my children down the line and prevent them from receiveing anything from MY hard earned money if I die first.

I don't believe that you've consulted with several estate planning professionals and none of them could figure out how to help you accomplish this goal.

I am also astounded that you would consider marrying this woman and that you already purchased a house together with her (or otherwise tied yourself to her with real property).

 

[Red Kayak]

If she is allowed to liquidate the home in order to buy a new home she could make a poor investment and loose my share(my childrens) share.

If this is your opinion of her, then you have already made a poor investment.

She's a real pain in the ass and I think she may try to spite me and my children down the line and prevent them from receiveing anything from MY hard earned money if I die first.

Seriously, you need to invest your time better. There is neither trust nor respect here.

It is better to be alone than to continue such a relationship.

 

[Zigner]

I wasn't going to point out the (short) posting hx on this one...but here it is: Do parental rights come into play to influence outcomes in restraining orders?

 

[justblue]

I would like to protect my fiance/wifes ability to remain in our home if I should pass away, I would also like to simultaneously protect my children so that my fiance/wife MUST leave my children my share of our home if she passes away or receives an inheritence. My intent is to prevent her from becoming homeless but also gurantee that my children WILL absolutely receive my share of our jointly owned home in the event of her death. How can this be accomplished? If she is allowed to liquidate the home in order to buy a new home she could make a poor investment and loose my share(my childrens) share. What do I we have for options here?

Is she your wife or fiance?

 

[Zigner]

I am going to retract my earlier post. Depending on how your home is titled, it might not be possible to prevent the co-owner from having full control of the home when you pass. If you have had attorneys tell you that is the case, then I believe them. You should have consulted with one before acquiring the property.

Depending on how it's titled, it's entirely possible that, once you pass, it's hers, so there is no "your share" to pass on to your kids.

 

[zddoodah]

we have consulted several attorneys and are still at a loss as to how to accomplish this goal

This is, quite frankly, impossible to believe unless you consulted with a bunch of criminal defense or personal injury lawyers who have no concept of what a trust is or how estate planning works.

Significant other stands/hopes to inherit a significant amount

Again, from whom?

She's a real pain in the ass and I think she may try to spite me and my children

And yet you're still thinking of marrying her???

 

[army judge]

Thank you for your input, we have consulted several attorneys and are still at a loss as to how to accomplish this goal and am trying to consider all options.

If you have concerns or issues, you might be better off reconsidering the marriage.

If you remain unmarried, your inheritance issues become less complicated.

Depending on how it's titled, it's entirely possible that, once you pass, it's hers, so there is no "your share" to pass on to your kids

This is worth investigating, in essence your desire might be impossible depending on how the house is titled.

 

[Tax Counsel]

I am going to retract my earlier post. Depending on how your home is titled, it might not be possible to prevent the co-owner from having full control of the home when you pass. If you have had attorneys tell you that is the case, then I believe them. You should have consulted with one before acquiring the property.

I agree, but in most states unless the property is held tenants by the entirety (TBE) it is indeed possible to fix any joint ownership problems so that you can pass your share of it to whomever you wish. Mass is a state that recognizes TBE ownership, but TBE ownership only can occur between married couples. As it sounds like they are not married yet they would not have ownership as TBE. So there likely is no bar to the OP fixing it, though it may take some effort and money to do it depending on what the state of the title is and which method Mass law has for fixing it.

There are several ways he might achieve his goal, and consulting an estate planning attorney would be the first step to doing that. The attorney can lay out his options for him. If he's actually consulted one and went away unclear as to where he stands and how to resolve the problem then he needs to consult another one who can explain things better.

He might also consider not marrying this woman. Given the bitter feelings that seem to exist already, it does not bode well for a good marriage. And after marriage separating from her without parting with assets will be a whole lot harder than doing it before they say "I do".

 

[justblue]

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