I'm moving back home into the house I grew up in with my mother to care for her. The house will be mine upon my mother's passing. Is there any benefit to putting the house in my name now? Or, just let it pass as it's set? We recently dealt with another family members passing. It made me realize, the more things I can do now, the better. Trying to deal with legal/property issues at the time of a death felt nearly unbearable. Thanks for reading.
As you can see, this stuff is complicated and the rules must be carefully followed. Show the above information to a good local elder lawyer, and they can advise and assist you with this!
The issue I see is two fold. If you have it transferred now you will avoid probate court. But..if she needs Medicaid within 5 years...this transfer will prevent her from being eligible.
If you keep it in her name...and you are there to provide care for 2 or more years...then Medicaid will exempt the home for the caregiver child. You still do not inherit it if Medicaid is involved...they just put a lien in it so they get the proceeds when you sell or die.
Guess I think the central issue is...do you think she will need to go into a NH and get Medicaid to pay for it within the next 5 years from the time of the title transfer? Does your crystal ball work?
We learn from others who have experienced "it"!!
What are her impairments at this time that she needs caregiving?
Whatever you set up, do it through a Medicaid savvy, CERTIFIED eldercare attorney.
Whatever her impairments, make sure that you have respite built into the plan.
If Mom changes the Deed and puts your name on the Deed, and the time comes to sell the house [again for whatever reason] the basis used to calculate the capital gain will be what the house was worth when your Mom had bought the house. Since you moved back in and the house is your primary residence, you are allowed $250k Federal deduction off of the calculation of the capital gains. Of course, when it comes to Federal laws, anything can change in a heartbeat :P
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