Sign up for your FREE personalized newsletter featuring insights, trends, and news for America's Active Baby Boomers

Newsletter
New

If Spouse Passes First And We’ve Willed Half Our Assets To His Kids Can I Sell Those Assets To Fund My Old Age?

Card image cap

My husband and I just completed our wills. He has one son who is a billionaire. He does not need our money. But my husband decided to leave half our assets to him. The other half is being willed to my nephew. I don’t have children of my own. My husband and I are middle-class. We are not wealthy. We do own two homes (one that we rent out). Both are paid off. I have about $300,000 in my 401(k). My husband has half that and he’s busy spending it all. If my husband passes before I do, do I have the right to sell these two homes and purchase a small one bedroom condo to save money? I can’t maintain two homes in my current health. I’m 70 and I’m terrified that I might need to be put in a nursing home in the next five years and I know nursing home costs are expensive. My husband knows I’m terrified of being in a cheap nursing home where I’m treated awfully since I don’t have any children to come check on me. I was a little disappointed that he left financial assets to his son when we can give him any memorabilia or property to remind him of his dad. My husband has a bunch of cars and motorcycles and other things that I was quite willing to have his son come with a U-Haul and pick up and take what he wants, but I’d prefer to sell the houses to fund my nursing home, but I don’t know if I’ll have to give his son half the money from the sale of the two houses. Which will leave me with only about $300,00. Both houses combined are worth about $500,000 and I don’t think it’s fair to give his son the money from the sale of those houses. His son owns about five homes around the US and a private jet. Like I said, I’m willing to give him anything in the house and on the property that has sentimental value. i’ll add that I’ve worked a hard and stressful job my entire life and I paid for half the mortgages for our entire marriage.

submitted by /u/Skygirl55
[link] [comments]