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Replies (5)
- Michael Emery, "MikeEmery"
- Contributions:7290
This is really a question that can only be answered by a tax professional. Too little is known about your situation for anyone to even guess an answer.
You might also want to consult with an attorney that specializes in elder law to ensure that there are no issues relating to your mothers estate and will.
You might also want to consult with an attorney that specializes in elder law to ensure that there are no issues relating to your mothers estate and will.
- wetdawgs
- Contributions:26790
Your mother is allowed to give you $13,000 gift per year without tax implications according to the irs. So, if the house is worth $13,100 you'd be fine purchasing it from her for $100. (She would have to declare the gift on her taxes.) If it is worth more than $13,100, you should talk to a tax professional for the tax implications for both of you.
- Luther Wormack, "LutherWormack"
- Contributions:58
Hi Strawberry, you might want to check more into this, but you could purchase the properties for "$1 plus love as consideration." You may want to consult your family attorney for the wording, as I am not an lawyer and can not give legal advice. They will be familiar with the term and will most likely save you and your mother a conciderable amount in taxes.
Hope this help
Hope this help
- ConnieK_Oklahoma
- Contributions:2899
have you thought simply about not buying it but just modifying the deed to joint tenancy deed with rights of survivorship?
there are other options too- talk with an attorney and an accountant.
maybe a trust is the way to go? many options are available.
there are other options too- talk with an attorney and an accountant.
maybe a trust is the way to go? many options are available.
- Call The Sisters, "Call The Sisters"
- Contributions:372
The very best advice here is to go to an attorney who specializes in elder law and estate planning.
If God forbid, your mom becomes ill and has to go to a nursing home the homes might be at risk. Medicare only pays for a nursing home if you are expected to make a full recovery and for a limited time. Once Medicare is not paying, unless your Mom has the funds to pay it herself, she goes on Medicaide.
Do some research about Medicaide,nursing homes, assets and look back period. Assets transferred in a specific preceding time frame could be ineligible for exemption. Medicaide "looks back" over all financial transactions for a period certain to ascertain whether any assets can be grabbed, liquidated and used to pay their bill.
I'm not an attorney and states vary in look back time. Seek competent legal advice before you make a decision.
If God forbid, your mom becomes ill and has to go to a nursing home the homes might be at risk. Medicare only pays for a nursing home if you are expected to make a full recovery and for a limited time. Once Medicare is not paying, unless your Mom has the funds to pay it herself, she goes on Medicaide.
Do some research about Medicaide,nursing homes, assets and look back period. Assets transferred in a specific preceding time frame could be ineligible for exemption. Medicaide "looks back" over all financial transactions for a period certain to ascertain whether any assets can be grabbed, liquidated and used to pay their bill.
I'm not an attorney and states vary in look back time. Seek competent legal advice before you make a decision.
Buying my mothers two homes and looking for pros and cons
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