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By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington. Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services. APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid. We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour. APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
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V. Complaints. Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights. APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.I agree that: A.I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information"). B.APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink. C.APFM may send all communications to me electronically via e-mail or by access to an APFM web site. D.If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records. E.This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year. F.You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
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I lived with Dad the last 15 months helping him with his chronic and age related health problems. He passed at the end of January. Are there any tax ramifications of quit-claiming it? Is there some other process I need to go through instead?
didntknow, so sorry to read that your Dad had recently passed.
What I would do is go to the Attorney who drew up the Trust, and let him/her explain what are the next steps. That is what I am doing with my Dad's Trust, and I am paying the Attorney out of the Estate.
You asked if there are any tax ramifications of using a quit-claim deed.... if your Dad had already signed the house over to you. Yes, capital gain taxes when it comes time to sell the house, the bases used for doing capital gains will be what your Dad paid for the house when he bought it.
If one instead inherits the house, then the bases used for capital gains is the house value of the day you had inherited the house.
For myself, I was glad my Dad sold his house while he was still around. Otherwise, I would have been in a deep tax mess if he had quit claimed the house to me.
Dad bought his house at $135k but sold it for over $400k.... thus a profit of over $265k. There was no mortgage. Since Dad was alive when he sold, and he sold within a year of my Mom passing, he was able to take a Federal IRS capital gains on houses deduction of $500k [allowed for a couple].... whew, no taxes. Now if he had waited, his deduction would have gone down to $250k [allowed for a single person], thus he would have needed to pay capital gains tax on the remaining $15k. I know, this sounds like a can of worms :P
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
What I would do is go to the Attorney who drew up the Trust, and let him/her explain what are the next steps. That is what I am doing with my Dad's Trust, and I am paying the Attorney out of the Estate.
You asked if there are any tax ramifications of using a quit-claim deed.... if your Dad had already signed the house over to you. Yes, capital gain taxes when it comes time to sell the house, the bases used for doing capital gains will be what your Dad paid for the house when he bought it.
If one instead inherits the house, then the bases used for capital gains is the house value of the day you had inherited the house.
For myself, I was glad my Dad sold his house while he was still around. Otherwise, I would have been in a deep tax mess if he had quit claimed the house to me.
Dad bought his house at $135k but sold it for over $400k.... thus a profit of over $265k. There was no mortgage. Since Dad was alive when he sold, and he sold within a year of my Mom passing, he was able to take a Federal IRS capital gains on houses deduction of $500k [allowed for a couple].... whew, no taxes. Now if he had waited, his deduction would have gone down to $250k [allowed for a single person], thus he would have needed to pay capital gains tax on the remaining $15k. I know, this sounds like a can of worms :P