Well Thanks for the ideas and support. I have an appointment to see my lawyer Monday. I was just wanting to see if I was out of line on this. I am willing to allow the fellow to have a cheap place to rent as he did provide companionship to his step Father.
The step son was married but his wife passed on and that was when he moved in with his step Father. I do not know if he owned or rented where he used to live. He never had any kids. Plus he was an only kid himself. So there would not be much relation to him around.
As to the long range plans for the house??? The trust provides a annual income for my kids. There are already other rentals in the trust. So this house will eventually be rented out for market value.
As for long term maintenance on the property. I have always kept the house up myself. I know the trust should but I usually just do or pay to have the stuff taken care of. The house is a smaller old farm house but it is in excellent condition. We insulated it 20 years ago and about ten years ago we put in all new windows and vinyl siding. It has a good drilled well and the furnace and central air are just three years old. It is better than the house we are currently living in. I just do not like the location as it is on the east side of a gravel road and is only 100 feet off the road. So with the winds being out of the west most of the time you have dust just about all time even with dust control. Dogs would be an issue there as they would soon get run over. The road has a fair amount of traffic on it.
As for what I am going to do??? I talked with the kids some this morning again. I am going to offer him the house for 1/2 of what the market rental is. That would be around $400 a month. His actions since I first talked to him took the low rent off the block as far as I am concerned. I just heard this morning that he is already being a blow hard about me on the house. So I am going to have the legal beagle handle it from now on out. The step son has two choices: 1) Pay the reduced rent with a deposit due NOW. 2) Hit the road. PERIOD!!! The "Good Will" I had towards him is rapidly running out. I did not do anything for a time just to allow the death of his step Father to pass. There are people around here that will asked about renting ground/houses at funerals of loved ones. That is really tacky to me. So I gave him some time and now that has passed. So he will be served with papers this coming week telling him the original "life estate" expired on the death of his step Father. He now has to pay rent or leave!!!
I will take my lumps in "Public" opinion and do what I need to do. He had a good deal offered and his actions/attitude took that away. HE can still have a pretty good setup if he wants it. Also just so you fellows know he in not poor. He gets a United Auto work retirement plus social security. He retired out of JD in Dubuque. I talked to a fellow last night that is drawing the same retirement. It is right at $2500 each month. Plus some social security on top of that. So he has more than enough income to live on. He is just being a typical tight wad.
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