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George Post
  • Boston
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Mother Inlaw Inherited 50% of a property, what do we do now?!?!

George Post
  • Boston
Posted Jan 30 2024, 12:04

So, my mother in law and aunt inlaw inherited their mother's house. It was in an irrevocable trust (thank god... as she needed to go to a nursing home later in life). Now the property is is just in the MIL and AIL's name. The aunt lives there now and will until her time comes. Ultimately the house will be inherited by my wife and I down the road. (We are 36-37.... MIL and AIL are 70 and 66). The estate attorney recommended that we put the MIL's half of the property in another irrevocably trust and my wife as the trustee and beneficiary. The MIL unfortunately has Lupus. She lives with us, and ultimately will until she passes or needs a nursing home. 

We are never going to sell this house,  even after we inherit it, it will become a rental. Does the $2500 cost for an irrevocable trust make sense? Why doesnt the MIL gift us her 50% now? Getting loans on the house with 50% in an irrev. will be a pain in the *** too. 

Those in the asset protection or tax field, what are your thoughts?! TIA!

Best,
George

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