I m a 54-year-old widow. My fiancé and I plan to renovate my home, but I want to leave it to my daughter. Should I marry? – MarketWatch
Dear Moneyist,
I am a 54-year-old widow of six years, with average savings and a home (free and clear) that was paid for by me and my late husband. I am now engaged and need advice on how to move ahead with our finances. My fiancé has a good job and savings. He will be moving into my home, but we plan to make improvements to the home together.
We both have one child. I want what my first husband and I have worked and paid for to be inherited by my daughter. How should we handle the improvements to the property? Do I write a will stating the value of the home before those improvements should be inherited by my daughter, and the amount of the improvements be split between our children? Do I add him to the deed after the improvements? I want him to have lifetime use of the home.
I also draw monthly income from late husband s retirement, which usually puts me into a higher tax bracket. We are trying to decide if it would be best that we not get married because of tax purposes and continue to file as single people. Or should we decide to marry and file married filing separately or married filing jointly? The retirement funds I draw from my last husband would be included in my taxable income. Together, we would have an annual income of approximately $150,000.
Engaged in Tennessee
1) Don’t get married.
2) Sign an agreement with your pal that makes it clear you’re not married or anything like it.
2A) Agreement should make clear that any improvements he makes to your house and pays for become your property.
2B) If he doesn’t like that idea, well, you should tell him to shove off.
3) Give anything you want your pal and his offspring to have as a gift before you die.
4) Leave everything including your house to your daughter.
5) This is just what I would do were I in your position. It is not financial advice.
6) Have a nice day.