Well True Son I will get ZERO from letting him stay rent free or him paying rent. I am the TRUSTEE of my first wife's TRUST. This trust is for our CHILDREN. So I do have fiduciary responsibilities to the trust and it's intent. So there is ZERO question of me being greedy. I will personally gain or lose nothing in this deal.
Here are some numbers. The real estate taxes are just under $1500 each year. The insurance on the house is right around $900. So these are cost of maintaining the property. Currently he is getting the full benefit and use of the property with ZERO capitol expenses. So I am willing to approve the trust not earning anything on the value of the trust's asset for the time he will be living there. I just do not think the trust should pay for the step son to live there. Lose of income is one thing but incurring expenses is another matter. The house would easily rent for $750-800 a month or $9000-9600 a year in the open market. If the house and five acres were to be sold today it would sell in the $175,000-200,000 range. So even with a full rent the property would only be returning a 3-4% return on it value. So even with the step son paying the $200 per month rent the trust is giving up income so he can live there.
Some additional things to think about. 1) This fellow is not a blood relative of any of the family. 2) The step son did not provide much in the care of my Wife's Uncle. He kept the yard mowed and took him to His Doctor appointments. That was all. The Uncle was not bed ridden or anything like that. The step son had never paid a single bill until the Uncle died and he now has to pay the utilities. I am not sure but I think the Uncle was paying for all of the groceries as well. 3) My wife's Uncle left the balance of his estate to the step son. That was around a $100K. 4) So the step son has a good income and has already seen a monetary reward/settlement from his taking care of the Uncle.
Truthfully The amount of money is not an issue really. It is more of the step son wanting a continued "free" ride with someone else paying all the bills.
Upload one or more videos to your post. Photo filesizes should be less than 300K and Videos, less than 2MB. Formats allowed are gif, jpg, png, ogg, mp4, mov, and avi. Be sure to use filenames without spaces or special characters, and filetypes of 3 digits lower case.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
... [Read Article]
Latest Ad:
1964 I-H 140 tractor with cultivators and sidedresser. Starts and runs good. Asking 2650. CALL RON AT 502-319-1952
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
