My husband and I have been married for 25 years. We do not have children together, but he has children from a previous marriage.
We are retired now, and he bought property in Florida for us to live in. My name is not on the deed of the property, and he has not made a will yet. I keep complaining to him about it.
If he should die without a will, will his adult children and grandchildren be entitled to the property and house? Hopefully, you will be able to answer this question and set my mind at ease.
Your husband appears to have control issues at worst or, at best, problems with being direct and transparent. This is not the way to deal with a family property, especially after 25 years of marriage. If your husband wants his children to inherit his estate when he is gone, he should discuss it with you like a man (or woman), face to face, and you should outline a plan for your future together. But this game of cat and mouse, where he makes unilateral decisions about your future, is not a respectful or helpful way to conduct a 25-year marriage.
Not knowing if youâre going to have a place to live after your husband dies, assuming he predeceases you, creates a constant feeling of unease. The whole point of saving for retirement and being fortunate enough to retire comfortably is that you can see out your final years together with the knowledge that you will both be financially secure. Only one person in this relationship knows what that feels like â and, given that you have raised this issue with him, he is aware that you do not enjoy that same peace of mind.
Florida is an equitable distribution state and, for the most part, divides property 50/50. Hereâs the legal interpretation fromÂ Schnauss Naugle LawÂ in Jacksonville, Fla.: âIf the decedentâs homestead property was titled in the decedentâs name alone, and if the decedent was survived by a spouse and descendants, the surviving spouse will have the use of the homestead property for his or her lifetime only (or a life estate), with the decedentâs descendants to receive the decedentsâ homestead property only after the surviving spouse dies.â
You will have the right to live in this property for the remainder of your life. If you divorce, however, anything purchased during your marriage is considered marital property, and even though this home was purchased in your husbandâs name only, it would be divided 50/50. In Florida, âequitable distributionâ is mostly treated as âequal distribution.â According to this interpretation of family law in Florida byÂ Arwani Law: âEven if he purchases the car with his own money and puts the car title in his wifeâs name, it is still considered marital property.â
And as most lawyers will tell you, a lack of communication is one way of buying a ticket to divorce.
The post My Husband Bought a Retirement Property, but Only Put His Name on the Deed. Will His Adult Children Inherit This Home? appeared first on Real Estate News & Insights | realtor.comÂ®.
Having kids is anything but cheap. According to the USDA, families can expect to spend an average of $233,610 raising a child born in 2015 through age 17âand that’s not including the cost of college. The cost of raising a child has also increased since your parents were budgeting for kids. Between 2000 and 2010, for example, the cost of having children increased by 40 percent.
If you’ve had your first child, you understandâfrom diapers to day care to future extracurricular activities, you know how it all adds up. You’ve already learned how to adjust your budget for baby number one. How hard can it be repeating the process a second time?
While you may feel like a parenting pro, overlooking tips to prepare financially for a second child could be bad news for your bank account. Fortunately, affording a second child is more than doable with the right planning.
If your family is about to expand, consider these budgeting tips for a second child:
1. Think twice about upsizing
When asking yourself, “Can I afford to have a second child?”, consider whether your current home and car can accommodate your growing family.
Kimberly Palmer, personal finance expert at NerdWallet, says sharing bedrooms can be a major money-saver if you’re considering tips to prepare financially for a second child. Sharing might not be an option, however, if a second child would make an already small space feel even more cramped. Running the numbers through a mortgage affordability calculator can give you an idea of how much a bigger home might cost.
Swapping your current car out for something larger may also be on your mind if traveling with kids means doubling up on car seats and stowing a stroller and diaper bag onboard. But upgrading could mean adding an expensive car payment into your budget.
“Parents should first decide how much they can afford to spend on a car,” Palmer says.
Buying used can help stretch your budget when you’re trying to afford a second childâbut don’t cut corners on cost if it means sacrificing the safety features you want.
Families can expect to spend an average of $233,610 raising a child born in 2015 through age 17âand that’s not including the cost of college.
2. Be frugal about baby gear
It’s tempting to go out and buy all-new items for a second baby, but you may want to resist the urge. Palmer’s tips to prepare financially for a second child include reusing as much as you can from your first child. That might include clothes, furniture, blankets and toys.
Being frugal with family expenses can even extend past your own closet.
“If you live in a neighborhood with many children, you’ll often find other families giving away gently used items for free,” Palmer says. You may also want to scope out consignment shops and thrift stores for baby items, as well as online marketplaces and community forums. But similar to buying a used car, keep safety first when you’re using this budgeting tip for a second child.
“It’s important to check for recalls on items like strollers and cribs,” Palmer says. “You also want to make sure you have an up-to-date car seat that hasn’t been in any vehicle crashes.”
3. Weigh your childcare options
You may already realize how expensive day care can be for just one child, but that doesn’t mean affording a second child will be impossible.
Michael Gerstman, chartered financial consultant and CEO of Gerstman Financial Group, LLC in Fort Lauderdale, Florida, says parents should think about the trade-off between both parents working if it means paying more for daycare. If one parent’s income is going solely toward childcare, for example, it could make more sense for that parent to stay at home.
Even if this budgeting tip for a second child is appealing, you’ll also want to think about whether taking time away from work to care for kids could make it difficult to get ahead later in your career, Palmer adds.
“If you stay home with your child, then you’re also potentially sacrificing future earnings,” she says.
4. Watch out for sneaky expenses
There are two major budgeting tips for a second child that can sometimes be overlooked: review grocery and utility costs.
If you’re buying formula or other grocery items for a newborn, that can quickly add to your grocery budget. That grocery budget may continue to grow as your second child does and transitions to solid food. Having a new baby could also mean bigger utility bills if you’re doing laundry more often or running more air conditioning or heat to accommodate your family spending more time indoors with the little one.
Gerstman recommends using a budgeting app as a tip to prepare financially for a second child because it can help you plan and track your spending. If possible, start tracking expenses before the baby arrives. You can anticipate how these may change once you welcome home baby number two, especially since you’ve already seen how your expenses increased with your first child. Then, compare that estimate to what you’re actually spending after the baby is born to see what may be costing you more (or less) than you thought each month. You can then start reworking your budget to reflect your new reality and help you afford a second child.
5. Prioritize financial goals in your new budget
Most tips to prepare financially for a second child focus on spending, but don’t neglect creating line items for saving in your budget.
Sunny skies are the right time to save for a rainy day.
Start an emergency fund with no minimum balance.
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“An emergency fund is essential for a family,” Palmer says. “You want to make sure you can cover your bills even in the event of a job loss or unexpected expense.”
Paying off debt and saving for retirement should also be on your radar. You might even be thinking about starting to save for your children’s college.
Try your best to keep your own future in mind alongside your children’s. While it feels natural to put your children’s needs first, remember that your needs are also your family’sâand taking care of your future means taking care of theirs, too.
“Putting money aside when you’re expecting can help offset the sticker shock that comes with a new member of the family.”
The key to affording a second child
Remember, the earlier you begin planning, the easier affording a second child can be.
“Putting money aside when you’re expecting can help offset the sticker shock that comes with a new member of the family,” Palmer says. Plus, the more you plan ahead, the more time you’ll have to create priceless memories with your growing family.
The post Affording a Second Child: How to Make Your Budget Work appeared first on Discover Bank – Banking Topics Blog.
My wife and I are looking to retire in three years from New Jersey to Florida or a Florida-type atmosphere â warm weather, no snow!
We will be getting around $5,000 from Social Security monthly and will have a little over $1 million spread among savings/401(k)/house equity. We want to buy a condo for about $250,000 that has all the extras like pools, restaurants, social activities and near the beach.
Can you make any suggestions?
With 1,350 miles of coastline in Florida alone, never mind the rest of the South, you have many possibilities for your retirement. But as you can imagine, properties closest to the beach are more expensive, so ânear the beachâ may involve some compromise.
I started my search with Realtor.com (which, like MarketWatch, is owned by News Corp.) and its picks of affordable beach communities, but didnât stick to it exclusively.
My three suggestions are just a starting point. No place is perfect, not every development will have all the amenities you want, and every town has its own personality, so you may want to think about what else is important to you. You also may want to consider gated communities and townhomes, not just multistory condominium buildings.
As you narrow down your list, I recommend you visit at least twice â once in the winter to experience the crowds in high season and once in the summer to understandÂ what southern humidity is like. Itâs worse than in New Jersey.
Think about how you will build your new social network, even with all the social amenities in your condo building. Donât rule out the local senior center or the townâs recreation department.
Consider renting for the first year to test it out to make sure youâve picked the right area.
Then there are the money questions. The last thing you need is a surprise.
Youâll have condo fees; they can be quite high, particularly in a high-rise building along the beach. What do they cover and what donât they cover? How much have fees been rising over, say, the past 10 years? How does the board budget for bigger repairs? More broadly, are you OK with the condo associationâs rules?
Ask about the cost of both flood and wind insurance given that the southern coastline is regularly threatened with hurricanes. Thatâs on top of homeownerâs insurance. Or are you far enough inland that you can get away without them?
Walk into the tax assessorâs office to try for a more accurate tax assessment than your real-estate agent may give you. And since this would be your primary residence, ask about the homestead exemption.
And donât forget that youâre trading your New Jersey heating bill for more months of air conditioning; what will that cost?
Finally, three years isnât that far away.Â Start decluttering now. Thatâs hard work, too.
Here are three coastal towns to get you started on your search:
This town of nearly 25,000 on the Gulf Coast is part of the Sarasota metro area, deemed by U.S. News & World Report to beÂ the best area in the U.S. to retire. Venice is 25 miles south of Sarasota and its big-city amenities; itâs 60 miles north of Fort Myers, the runner-up in the U.S. News listing.
It also made Realtor.comâs list ofÂ affordable beach towns for 2020.
This is a retiree haven â 62% of residents are 65 and over, according to Census Bureau data.
While you can always travel to the nearby big cities, when you want to stay local, see whatâs on at theÂ Venice Performing Arts CenterÂ and theÂ Venice Theatre. Walk or bicycle along the 10.7-mileÂ Legacy TrailÂ toward Sarasota and the connecting 8.6-mileÂ Venetian Waterway Park TrailÂ to the south. The latter will lead you toÂ highly ratedCaspersen Beach.
Temperature-wise, youâll have an average high of 72 in January (with overnight lows averaging 51) and an average high of 92 in August (with an overnight low of 74).
HereâsÂ what is on the market right now, using Realtor.com listings.
Boynton Beach, Florida
On the opposite side of the state, smack between Palm Beach and Boca Raton, is this city of about 80,000 people,Â plenty of whom are from the tri-state area. More than one in five are 65 or older.
Weather is similar to that in Venice: an average high of 73 in January and 85 in August.
Boynton Beach is in the middle of developing theÂ 16-acre Town Square projectÂ that will include a cultural center and residential options, among other things. Still, this is an area where one town bleeds into the next, so whatever you donât find in Boynton Beach, youâll probably find next door.
At the western edge of town is theÂ Arthur R. Marshall Loxahatchee National Wildlife Refuge, 145,000 acres of northern Everglades and cypress swamp. TheÂ Green Cay Nature CenterÂ is another natural attraction.
You can also hopÂ Tri-Rail, a commuter train line that runs from West Palm Beach to the Miami airport with a stop in Boynton Beach, when you want to go elsewhere. The fancier Brightline train isÂ adding a stop in Boca RatonÂ to its existing trio of West Palm Beach, Fort Lauderdale and Miami; the current plan is for a mid-2022 opening.
This city has many amenity-laden retirement communities, and the median listing price for condos and townhouses fit your budget, according to Realtor.com data. HereâsÂ whatâs on the market now.
Myrtle Beach, South Carolina
If youâre ready to look beyond Florida, Myrtle Beach, S.C., with nearly 35,000 people, made Realtor.comâsÂ 2018Â andÂ 2019Â lists of affordable beach towns, and Murrells Inlet, just to the south and home to just under 10,000 people, made the 2020 list. The broader Myrtle Beach area, known as the Grand Strand, extends for 60 miles along the coast.
Summer temperatures in Myrtle Beach are a touch cooler than Florida; an average high of 88 in July, with lows averaging 74.
A word of warning: In the winter, average overnight lows get down to around 40, and average daytime highs reach the upper 50s. Is that acceptable, or too cold?
Myrtle Beach boasts of its low property taxes, especially when combined with the stateâs homestead exemption. While you may think of the city as a vacation destination, 20% of residents are 65 or older. (Nearly 32% of Murrells Inlet residents are seniors.)
Hereâs whatâs for sale now inÂ Myrtle BeachÂ and inÂ Murrells Inlet.
The post We Want to Retire to Florida or a Florida-Type Atmosphere and Buy a Condo With Lots of Amenities for $250,000âWhere Should We Go? appeared first on Real Estate News & Insights | realtor.comÂ®.