Poll of the Day > Thinking about seeing in my boyfriend wants to do domestic partnership

(+) Yeah! (+)

wolfy42 posted...

Oh didn't see your last post till I had already posted.

Another thing you can do is give your boyfriend 1-2% ownership in your home (tenants in common I believe is the term). You can write a contract stating at any time you can buy back that % of ownership for X amount of money (so if you ever break up or need to own it all you can have it back). That is better than leaving it to him, because if you are tenants in common and one of the owners passes, the other owns the full amount (because you no longer legally exist to own the 98%). This prevents taxes and other annoying problems you have to deal with when leaving things to someone.

In addition if you do owe any debts (not student loans but anything else...medical bills etc), the house will still go directly to him and not be on "hold" until it has gone through probate.

To add to this, you can also add someones name to any CD's you have etc, this again will make them go directly to them (not waiting for probate, no taxes etc), but they can't actually cash out the CD unless you die (so it's still just your money, but if you go poof, it's now their money without having to deal with debt/probate etc.

CD's are a good way to put any savings away safely (no worries about identity theft etc, while still making a decent amount of interest in a safe way (safer than the stock market etc).

You both could also just invest in one together if you are both working, and have a shared nest egg for the future, but also backup if either of you croaks so you have something to help you cope if you get mega depressed and hate life for awhile.

Thank you for actual real advice as someone who has gone through it

Jen0125 posted...

?? He likes the house we live in. Why wouldn't I gift my partner a paid off house and money?

because its arizona

potdnewb posted...

because its arizona

Then he can sell it after he gets it? Who cares lol

potdnewb posted...

he could take the money buy a better house or rent an apartment or travel the world

So...

Option 1: Boyfriend owns paid-off house, receives insurance payout reduced by remaining cost of house

Option 2: Boyfriend receives full insurance payout, then has to use some of it to secure housing

If he wants to move, owning the house means he can sell it (likely for more than the remaining mortgage, given how housing prices have been trending) and still have the same amount of money as if he took option 2 (probably actually more), plus he gets to do it on his own terms instead of having to hope that Jen actually makes it into the ground before the bank evicts him. The only possible issue with option 1 is that if the interest rate is low enough on the mortgage, it may be better to leave it unpaid and invest the money elsewhere for a better return than he'd see by paying it off immediately, but either way this idea of leaving the mortgage unpaid is very obviously terrible.

it's tomorrow yay

I'm going to take us out for a nice dinner tonight