Financial Planning Magazine, July 3, 2024
Financial Planning Magazine recently asked advisors to answer a reader's question about the fairness of a scenario in which a woman's boyfriend owned a home, but she was paying half the mortgage. The reader felt the situation was unfair since the girlfriend was helping him build his equity, yet she had no home ownership.
Mr. Schneider answered by saying, "I understand how you feel, but if your sister isn't paying more than 50% of the fair market rent for the home, plus half of the ongoing monthly expenses, she is being treated fairly. She doesn't have the right to live in the house without contributing to the monthly expenses simply because her boyfriend's name is on the deed. Given the fact that she is paying $600 now versus the $1,350 per month for her last apartment, she's probably making out pretty well."
Copyright 2023 - Schneider Wealth Strategies • Cambridge’s Form CRS (Customer Relationship Summary) • Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA / SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Schneider Wealth Strategies are not affiliated. This communication is strictly intended for individuals residing in the states of CA, CO, CT, DC, FL, IL, MA, MD, ME, NC, NJ, NY, OH, PA, SC, TX, VA, VT, WI. No offers may be made or accepted from any resident outside the specific states referenced. Powered by Levitate. | Privacy Policy