Posted by Natalie-VA on July 25, 2007 at 05:53:55:
If you receive the property while she’s still alive, it’s a gift.
If you receive the property after she passes, it’s inherited.
Her attorney should be able to advise on the appropriate paperwork.
–Natalie
Mother In Laws home and the nursing home - Posted by Robin
Posted by Robin on July 21, 2007 at 18:13:25:
My mother in law owns her own. She wants to give it to us. What do we need to do to get her name off the house and into our names? We plan on moving in with her to care for her until her death. If we need to put her in the nursing home, can they take our home away if it’s not in her name? Will they expect payment from us if she’s in there long term? Is there any good books or info on caring for the elderly and their real estate and personal property?
Thanks.
Re: Mother In Laws home and the nursing home - Posted by Natalie-VA
Posted by Natalie-VA on July 24, 2007 at 15:47:09:
In addition to what Bill said, you need to speak with CPA. You may be creating a big tax consequence for you and your husband later. Often it’s better to inherit property than to have it gifted to you.
–Natalie
Re: Mother In Laws home and the nursing home - Posted by Bill Jacobsen
Posted by Bill Jacobsen on July 23, 2007 at 07:56:28:
Several things to consider. Are there any gift taxes (Federal or your state) associated with the transfer? If she needs to go to a nursing home, she is responsible for the costs if she has any assets. If the state or Medicaid has to pay for her care they will look back to see that she hasn’t given assets away. Find out the length of the look back period. I am assuming that there would be no legal financial repsonsibility from you for her care. She can go to the county and have your name recorded as owner.
I would suggest that you visit your local Senior Services office. They can answer many of these questions. Those that they can’t answer can be answered by an attorney that specializes in Elder Law.
Bill
Re: Mother In Laws home and the nursing home - Posted by Robin Sanchez
Posted by Robin Sanchez on July 24, 2007 at 16:05:01:
Thanks Natalie.
Tell me what the difference is between inherit and gift? Does that invovle different paper work? I am meeting with my lawyer in two weeks to redo her will.
She can not sell us the house or take it out of her name in anyway or she loses her medicaid, so it has to stay in her name until her death, then it can go to us, but is all we need is a will stating that?
Thanks for your help.