Latest / Aging Parent TrapX / Inheriting a Home in a 55 Plus Community
Transcript
- Nikki ElitePrepServices: I found it very interesting and I thought immediately like she is going to be the one that gets them to enforce these ridiculous rules now that make it virtually impossible for them to pass down an inheritance to the younger generation. Allison Newlon: Welcome to the Aging Parent Trap X podcast and YouTube channel. My name is Alison Newland. I'm the broker owner of Platinum Properties of Florida in the Greater Tampa area. And I'm joined here today with my friends and colleagues, Julie Cook with Generational Transitions and Nikki Flynn with Elite Preparation Services. And today we are talking about something super important because if your parents own a property in a 55 plus Community and there are and their intentions are to pass down that property to you, the non-55 and over person, then you have to listen to this and what could happen. And so I'm gonna just go ahead and put my glasses on here today and share my screen because boy, do we have something to share with you today. Let me hit that share screen. Ladies, could you believe this when you were looking at it? when you were looking at this article and all the information that goes along with this. Can everybody see that now? You can you share you see my screen? Okay. Julie Cook, Generational Transitions: Yeah. Yeah. So I found it really interesting what, and, and helped me fill in the gaps. But so this young lady who's not 55 was taking care of her father who was ill. She was this caregiver in a 55 plus community. He passed and she inherited the property. two problems that I saw with this is that they don't want her living in the 55 plus community because she doesn't qualify. That's problem one. Problem two is that they were asking those who live in that community to contribute, I think it was $1,000 per Allison Newlon: Right. Julie Cook, Generational Transitions: person or per household to cover the legal expenses of basically evicting her. Allison Newlon: Right, right. Yes. So you're exactly right. So I was scrolling through that so you could kind of see the visual of it. but so this young lady that you see on the the screen there, I think she's in her mid-20s-ish. And she moved in with her father to help take care of him. into this fifty-five and plus community where there are I think a hundred and fifty-five homes. So she moves in with him to give him care, because he needs care into this community with a hundred and fifty-five homes. he passes away and now she goes through probate to have the home and transferred in her name but there are neighbors saying hey wait a minute our deed restrictions our covenants say that you cannot live here because nobody is allowed to live there unless they're 55 years old and I'm just gonna stop sharing that For actually I wanna I wanna show like this other little video that she did here. I'm gonna press play roll button. Okay, that's enough of that. I can't I I really I Julie Cook, Generational Transitions: Thank Allison Newlon: don't really care for the I don't know. She I feel for her story of course, but that her videos kind of I don't know, they kind of that one just kind of rubs me the wrong way. Like sit up, be be professional. I don't know. Julie Cook, Generational Transitions: Yeah Allison Newlon: That's what I'm saying. But Julie Cook, Generational Transitions: I'm Allison Newlon: so I'm gonna stop sharing that for a second. And I just all right, so she moves in, she takes care of him. his wishes are to pass the home on to her so she can live there. He said, I fix this house up for you. you know, every she goes. goes on into other videos on her Instagram page and it's it's the you know did every all the the fixing up of the house. I'm doing this for you daughter so that when I leave you'll have use of this house and you won't have to worry about anything. in their community, in her community, you have to be 55 or older because the deed restrictions, the covenants require it. But in many cases, in communities, and I'm going to share my screen again This community right here is called Medley at Marata, and I'm just gonna let that be on the screen while I tell you what it says in their deed restrictions about when someone passes away. It says each occupied home shall at all times be occupied by at least one natural person 55 years of age or older. At least one. Okay. However, in the event of the death of a person who was the sole occupant, 55 years or older of the home, any qualified Occupant may continue to occupy the same home as long as the provisions of the act are not violated by such occupancy. So and and you have to be at least 22, it says further. So you know, somebody could move in with their you know to take care of their parent in this particular community and then stay in the home after afterwards after the person passes and live there. There are some other requirements as well, usually in a fifty five plus community where there's like an eighty twenty rule where eighty percent of the occupants in the community have to be at least fifty five older and then seven percent younger and longest day. comply with the other parts of the deed restrictions and covenants like over the age of 22. So there are some fine night details and that is the whole reason we were talking about this today because this woman has this home. She's still living there. She has not been kicked out yet, but there's a whole lawsuit about this trying to get her out of that home. And that is now her home. And Julie you were saying about the thousand assessment. how I mean guys, how Nikki, how would that affect people that you know if they were slapped with a thousand dollar assessment living in that community to try and get this woman out of there? Yeah. Nikki ElitePrepServices: Yeah, so we have those a lot in Vegas because of course, you know, they're one of the three of the retirement communities, Florida, Vegas, Arizona. Allison Newlon: Arizona, right. Nikki ElitePrepServices: they just slap liens on your property. They wouldn't even ask you to donate, they would just slap a lien on your property. but there are strict Julie Cook, Generational Transitions: Wow. Nikki ElitePrepServices: there are very strict rules, like somebody under the age of fifty five cannot stay on the the grounds for longer than two months. And if you are gonna need it in a truck. to a a beneficiary that is under the age of fifty five, they can own it. They can't live in it. They can rent it out. They can receive the profits. Their name could be on title, but they cannot live there. So it's like I see both sides and that's always just you know the lady justice in me where you always want to look at both sides no matter what. It's I understand it's your dad's house and he left it to you. Also, these are senior citizens that want to enjoy their life. They don't want somebody that is in their 20s running around half naked, throwing parties, doing whatever, loud music, inviting friends over. It's not a party place. They just want peace and quiet. Allison Newlon: We're not saying and we're not saying she was doing that or anything. Nikki ElitePrepServices: Right, no, but I'm I mean they're just they they just want their peace and quiet. They just they want their space. So I I get it, I see both sides. And she's entitled also because that was her dad. But why couldn't she rent it out? Why would you wanna Allison Newlon: Well and I don't know, maybe Nikki ElitePrepServices: live in a senior community at twenty eight years old? Allison Newlon: Yeah, it well I Julie Cook, Generational Transitions: with you on that or why not sell it? Nikki ElitePrepServices: Yeah. Allison Newlon: I don't know and I Julie Cook, Generational Transitions: To be honest, I'm surprised there's a provision, Alison, like the one you mentioned, that someone can keep it because my, and there's a lot of them here in the area where I live. I don't think if you're under 55 that you can live there. What Nikki was referencing I thought was pretty common. So I'm surprised when the dad deeded it, wasn't set up as a, I'm leaving this to you knowing that you're either gonna have the option to rent or sell it. and that's your inheritance, not so much live there is what I would have thought. Allison Newlon: Right. And so I that's That's the important part of this conversation is as we're helping our aging parents transition from the family home that they knew forever and ever into maybe it maybe they're not ready for assisted living and independent living at a assisted living campus. They don't need memory care, they don't need help, they can still live on their own, but they want to live in a an adult community over fifty-five. and you know. Maybe they want to do it at a young age, you know, they're doing it at in their early 60s. They want to play golf all day. They need to know what they're buying, so they need to read the deed Julie Cook, Generational Transitions: Yeah. Allison Newlon: restrictions. And if they can't interpret them, the realtor can't really interpret them for them. They should hire a real estate attorney to do that if their intention is to pass down the Florida property to their adult children, their grandchildren, whoever it is. It is, and and have everybody very clear on what can and can't happen with that property. And I think that there was a misunderstanding, maybe, because it doesn't really say, you know, we don't we're not privy to the conversations that this woman and and her dad had. but it seems like he wanted her to live there, she wanted to live there. and again, I don't know why you'd want to live there because these people are harassing her. I'll show you. you the Instagram stuff like they're following her around with you know their phones and videoing her and and Julie Cook, Generational Transitions: my goodness. Allison Newlon: you know but and so why would you but I think at some point it becomes the point of the whole thing but the the charging the assessment of a thousand dollars to every household in that community there's interviews with those people that live there they're like hey we're on a fixed income We don't care that she's here. She's not Julie Cook, Generational Transitions: Yeah. Allison Newlon: bothering anybody and we don't want to be, you know, assessed that. well, y I'm gonna share my screen again and pull up the Instagram so you can see what's happening to her. Cause I I do this is the part of like why would you even want to live there? But go ahead and I say talk amongst yourselves while I do that. Julie Cook, Generational Transitions: I think, Allison, you made a good point too, is we talked about if our inheritance, making sure you read or involve an attorney, but also making sure what they can assess you with or can they put a lien on your property. Those are important things to know before you sign on the dotted line. Allison Newlon: So okay, so this is where this guy's following her around. Okay, so I'm gonna stop sharing that. Julie Cook, Generational Transitions: You Allison Newlon: you know, here's the thing with social media anybody can do anything, right? They can share whatever and be loud about it. And so what has happened now to her is that They have prevented her from going into the gym, the pool, all of that. So she has no use of the amenities. So now she's riding the bike around the neighborhood and people are video, you know, taking video of her, which I don't know what purpose that, you know, she's not allowed to be on the street. But also shouting around yeah, that doesn't help anybody, you know, shouting Nikki ElitePrepServices: Right. Julie Cook, Generational Transitions: Yeah. Allison Newlon: and it just and that is something that Twenty year olds do, right? Sometimes because the the authority or the rules, you know, they hit differently to people in the Julie Cook, Generational Transitions: Yes. Allison Newlon: you know, from sixteen on, right? until you get to a a different level, I guess. I don't know, but it's I don't think it's a great look, but she's getting a lot of attention. And Nikki at the beginning of this video you said she's the one that's going to it's actually not gonna work out ultimately in her favor. It's gonna work out in the favor of the the rule makers of the HOA. Isn't that what you said basically? Nikki ElitePrepServices: Yeah, it's it it'll work out in their favor and it's she's gonna be the one that is going to now set new rules and provisions that's going to ruin it for everybody else. You know, that's and that's the unfortunate part because there are plenty of people who do abide Julie Cook, Generational Transitions: Okay. Nikki ElitePrepServices: by those rules where their parents do leave them properties and they do rent them out or they do sell them and they they're not trying to cause any issues. That is taunting. Basically, what she was just doing, which is it's just fueling the fire. Julie Cook, Generational Transitions: Yeah. Nikki ElitePrepServices: And why do that? Like they just they worked their whole lives, they've raised their children, they just want to live in peace. That's it. And you're just you're I get it, I see your point of view. You should be entitled to have your dad's house because he left it to you. But it's also in an age restricted area, which now means that this is a gray area that was never outlined, so now they're gonna put in very strict. measures now and now it's gonna ruin it for everybody else. And that's the unfortunate part. Allison Newlon: Yeah. There Julie Cook, Generational Transitions: Yeah. Allison Newlon: there are some residents who have stated that she's not bothering anybody. they don't care and they they don't want the assessment. They just are like, let her live there. She's not bothering anybody. That's I mean, he's recorded on camera saying that. Obviously you can see that there are other people that don't feel the same way. Nikki ElitePrepServices: Well, yeah, I mean 'cause you're always gonna have those ones that are like rule strict followers, like, nope, that's that's not it. Like Allison Newlon: Well, there's gonna be Julie Cook, Generational Transitions: Yeah. Allison Newlon: people that are measuring the blades of grass in your yard and w especially Julie Cook, Generational Transitions: Right. Allison Newlon: when you're in a fifty-five plus community and I before we had a younger version of the fifty-five plus community in our area, the one that I showed on screen, meddling at Nikki ElitePrepServices: Mm. Allison Newlon: Maratha, I feel like that's a that's a very young community for fifty-five plus. There was another there's another one around the corner and people were they were running more in their seventies, right, than their mid fifties. And they were like making people's lives miserable about you know, a flag or a whatever just because they had nothing Julie Cook, Generational Transitions: Grass. Allison Newlon: else to do but be a Julie Cook, Generational Transitions: Yep. Allison Newlon: Karen. Julie Cook, Generational Transitions: Yep. Nikki ElitePrepServices: Yeah, that's why when we moved out here, I was happy to get away from the HOAs because they're like that. Like, your grass is too green, you're watering too much. Allison Newlon: Yeah. Nikki ElitePrepServices: your grass is dead. There's a dead it's like you you can't win. You can't Julie Cook, Generational Transitions: Yeah. Nikki ElitePrepServices: win. Why is your car in the driveway? because I own this driveway. Allison Newlon: 'Cause it won't fit in the it won't fit in the garage 'cause it's too high. Julie Cook, Generational Transitions: you Nikki ElitePrepServices: Like I just you know, it's just so many things where it's like, do you have nothing better to do with your life? So I get Julie Cook, Generational Transitions: Yeah. Nikki ElitePrepServices: it. There's there's plenty of people out there that are like that, especially when they're retired. I have a couple that live in my neighborhood. Thank God I love them to pieces and they're amazing to me. But are they little busybodies? so I get it. Julie Cook, Generational Transitions: Mm-hmm. Nikki ElitePrepServices: I do, but I just I wish she would be able to see it from their point of view and just be like, okay, I understand and turn it into a rental income. Like nobody's telling you you have to sell it. Allison Newlon: And turn it into a positive. I you know, I I think she could maybe turn it into a positive because she could actually be a voice of people like herself who, Nikki ElitePrepServices: Mm-hmm. Allison Newlon: you know, struggle with hel ha having to help, you know, care for their aging parent. 'Cause I mean she was pretty young to be doing that. You know. Between under thirty, right? Having to care. Julie Cook, Generational Transitions: Yeah. Allison Newlon: I mean that's happening to more people in the Gen X. She's not a Gen Xer and that's what we're talking about. So poor I feel for her for that 'cause that must have been very difficult for her. And now, you know, on the heels of that, going through probate and a legal process to try and keep that house when really she could turn this into a positive and be an advocate for people that are losing their parents at a younger age and and sharing her experience of having to care for her Her dad, you know, as a woman under 30, Nikki ElitePrepServices: Mm-hmm. Allison Newlon: and then how to navigate going through the probate section because a lot of people her age have no idea about that. Her friends have not gone through that, probably. You know, there's a lot of positives that could come out of that for her that she because she's got a quite a big following, actually, and she could really make something out of that. But I think the entire point is you know, when we're helping our parents make you know, we don't make the decisions for them, and especially if If they're I mean if I went to go buy a property tomorrow in a 55 plus community, my kids wouldn't be like, you know, mom, make sure you read the deed restrictions and know what you're buying. They'd have no idea. Julie Cook, Generational Transitions: Yeah. Allison Newlon: Right? but But we have to know. So anybody that's a Gen X or buying into these communities now, you know, read where what you're buying and also check into where your parents are living if they're in a 55 plus and know what it is that's gonna happen after they pass if they're still there before they go into assistant living. Or what if they just wanted to leave you that property and you know have you deal with it if you thought you could just move into it when they left or something like that. You need to know what it's all about. And so that's the only point that we're making here. I guess. Julie, do you have anything? Read the fine print. Julie Cook, Generational Transitions: Read the fine print. Allison Newlon: Read the fine print. That is what we're saying. Exactly. if you have an experience with this that you would like to share, drop it in the comments below. Our contact information, of course, is in the pinned comments. Thank you for watching.