Good Sam Club Open Roads Forum: Purchasing in a 55+ Community - AZ
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DownTheAvenue

Sunny South

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Posted: 01/25/20 02:59pm Link  |  Quote  |  Print  |  Notify Moderator

I am an attorney, although not in Arizona and state laws can differ.

First, the proper way for property to pass on from one co-owner to another after death is for the property to be titled with the names of the co-owners listed as joint tenants in common with rights of survivorship. That way, the property stays out of any probate and need not be listed in a will.

Second, listing children's names on any asset is NOT the way to transfer property after death. That makes anything you own theirs and vice versa. If a child declares bankruptcy, then your asset becomes theirs to pay off creditors. If one of the children has an at fault accident with damages that exceed their insurance, your asset will be seized. Upon death, the children loose the one time step up in basis to figure capital gains taxes. It is just all around a bad idea.

HOA covenants are fully enforceable, and sometimes have more teeth than any local laws because they are agreements that both parties have willingly entered into. I bet the HOA covenant does not prohibit any aged person owning property in the development, but rather prohibits under aged 55 residing in the development except for short visits that are thoroughly explained.

My personal non legal advice to the OP is to buy whatever asset you want, be it a car, RV, any real property, or this 55+ development and title it in you and your spouse's name with real property listed as joint tenants in common with rights of survivorship. Then specify in your will how all of your assets will be disposed of upon your death.

Lwiddis

Morro Bay, CA

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Posted: 01/25/20 03:02pm Link  |  Quote  |  Print  |  Notify Moderator

Yes, ScottG the bank will pay immediately but you aren’t home free. In California if the decedent had any unsecured debt you might have to pay it up to the amount received.

Probate Code § 5672. Each beneficiary is personally liable to the extent provided in Section 5674 for the unsecured debts of the transferor. Any such debt may be enforced against the beneficiary in the same manner as it could have been enforced against the transferor if the transferor had not died. In any action based on the debt, the beneficiary may assert any defense, cross-complaint, or setoff that would have been available to the transferor if the transferor had not died.


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johnnyg08

Mesa

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Posted: 01/25/20 03:53pm Link  |  Quote  |  Print  |  Notify Moderator

With respect to title, would it matter either way if they contributed for example 40% of the purchase price? Still do tenants in common with rights to survivorship?

Bumpyroad

Virginia

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Posted: 01/25/20 03:53pm Link  |  Quote  |  Print  |  Notify Moderator

I know for houses they say to not put the kids on the title. you lose the tax advantage when selling.
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DownTheAvenue

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Posted: 01/25/20 04:14pm Link  |  Quote  |  Print  |  Notify Moderator

johnnyg08 wrote:

With respect to title, would it matter either way if they contributed for example 40% of the purchase price? Still do tenants in common with rights to survivorship?


I strongly advise you obtain the services of an attorney who is knowledgeable with Arizona real estate law. Using advice from an internet forum is unwise.

johnnyg08

Mesa

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Posted: 01/25/20 04:18pm Link  |  Quote  |  Print  |  Notify Moderator

As I said...I am well aware that this is an Internet forum. We will be hiring an attorney for this transaction, but I appreciate the dialogue too. It helps me process what questions we will have. Thank you for your concern.

azdryheat

Tucson, AZ

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Posted: 01/25/20 06:51pm Link  |  Quote  |  Print  |  Notify Moderator

in AZ - RV's and park models are all registered with DMV as trailers and all have titles of ownership. As long as you're the titled owner you can add any name you want so long as they're present to sign.


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johnnyg08

Mesa

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Posted: 01/25/20 06:56pm Link  |  Quote  |  Print  |  Notify Moderator

azdryheat wrote:

in AZ - RV's and park models are all registered with DMV as trailers and all have titles of ownership. As long as you're the titled owner you can add any name you want so long as they're present to sign.


That's great to know...so we'll have two different transactions?

One for the land and one for the park model?

Naio

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Posted: 01/25/20 07:59pm Link  |  Quote  |  Print  |  Notify Moderator

The 55+ parks I have looked into allow one (co-owner) spouse to be under 55 as long as the other spouse is over. Maybe it works that way with kids, too?

Regardless, I bet your issue is one that has come up before in this particular park. I think if you ask around, there will be someone who can tell you how they allow it to be handled and how they don't.


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Nv Guy

Reno NV

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Posted: 01/25/20 11:06pm Link  |  Quote  |  Print  |  Notify Moderator

Aside from the titling issues, take a long hard look at the financial report for the Association- make darn sure the reserves are fully funded, you don't want to buy a space, then get hit with a big assessment to fix the roads or other capital improvement the Association owns.

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