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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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