son pays off our mortgage
we are 76 and 79yrs old . Our expenses keep going up so our son has offered to pay off our mortgage of $60,000 to give us more money each month. When we sell the house he will get his money back plus a small interest before our estate is divided with all 3 sons. The boys are all financial set and we have a good relationship with them. What would be the down side of that/
Terry Says
I think you have raised a wonderful son. And I don’t see any downside. But do you already have an estate plan — a will or revocable living trust? You should. And you should memorialize this agreement with a written addendum to the plan, saying that the first $60,000 of your estate (not necessarily from the sale of the home) should go to your son, before additional proceeds are divided.
