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Reply #20: get an attorney but she can't die for 3 years! [View All]

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amazona Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-14-05 04:39 PM
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20. get an attorney but she can't die for 3 years!
Actually with the new estate tax law she may be able to die when she likes but in days gone by, and it doesn't seem all that long ago, if you transferred property like this at below fair market value then the person giving you the gift of the property -- and it is a gift, if you're selling below fair market value -- then had to somehow hang on and not die for 3 years or there would be all kinds of taxes to pay anyway. Couldn't get Medicaid for 3 years either. So if the intent is to avoid taxes or to get Medicaid without losing everything, it might not work without some expert legal footwork. Older people were over-using this to transfer property to the next generation and collect on Medicaid you see without dipping into their estate.

Get an attorney. They'll know.
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  -Could my mother sell me her house for a dollar? How hard/easy is it? tjdee  Jun-14-05 03:42 PM   #0 
  - Talk to an Attorney  Coyote_Bandit   Jun-14-05 03:50 PM   #1 
  - I know she didn't think of the tax ramifications, LOL.  tjdee   Jun-14-05 04:04 PM   #8 
     - YOU don't pay gift taxes...SHE pays them  amazona   Jun-14-05 04:43 PM   #21 
  - You might try the title company in your area.  dubyaD40web   Jun-14-05 03:50 PM   #2 
  - That's a good idea.  tjdee   Jun-14-05 04:06 PM   #9 
  - There are lots of questions to be answered.  GumboYaYa   Jun-14-05 03:50 PM   #3 
  - Yes, of course.  tjdee   Jun-14-05 04:02 PM   #7 
     - Oh that is easy then. You do what is called a beneficiary deed.  GumboYaYa   Jun-14-05 04:09 PM   #12 
        - Oh thank you!  tjdee   Jun-14-05 04:12 PM   #15 
        - You should still see a lawyer  Coyote_Bandit   Jun-14-05 04:22 PM   #18 
           - Indeed.  tjdee   Jun-14-05 04:26 PM   #19 
        - The husband will have to sign the deed as well, I believe  flvegan   Jun-14-05 05:00 PM   #26 
  - I don't know,  Shell Beau   Jun-14-05 03:55 PM   #4 
  - Yeah, right?  tjdee   Jun-14-05 04:07 PM   #10 
  - Talk to an attorney.  caty   Jun-14-05 03:57 PM   #5 
  - Yup.  tjdee   Jun-14-05 04:09 PM   #13 
  - Captial Gains?  aeolian   Jun-14-05 04:01 PM   #6 
  - Yes, seems you're right.  tjdee   Jun-14-05 04:08 PM   #11 
  - Unless you use the proceeds to buy another house  AllegroRondo   Jun-14-05 04:16 PM   #16 
  - I think it's a matter of her signing a quit claims deed  notadmblnd   Jun-14-05 04:11 PM   #14 
  - Did you get stuck with all the capital gains taxes?  tjdee   Jun-14-05 04:17 PM   #17 
     - No, I still have the house  notadmblnd   Jun-14-05 04:45 PM   #22 
  - get an attorney but she can't die for 3 years!  amazona   Jun-14-05 04:39 PM   #20 
  - I know that in MO we used to be able to sell each other  xmas74   Jun-14-05 04:46 PM   #23 
  - Seek legal advice  smitty   Jun-14-05 04:51 PM   #24 
  - $10 and other lawful consideration.  flvegan   Jun-14-05 04:58 PM   #25 

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