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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 47091
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My grandmother had a quit claim deed done last year to add

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My grandmother had a quit claim deed done last year to add me as the primary owner and keep her as second owner. She wants to leave me the house and not deal with probate etc. I thought we were all set but now as she progresses she is becoming nasty and hard to care for. I know it's taking a toll on me and that she's not getting the proper care due to always being mad at me. I am looking into a nursing home but I don't know all the rules. The house is worth 110000 and she has 160000ish in IRA and other banks. I know that you can gift 50% of your asserts and then wait the 20 or so months it would take as the penalty to gift 130000ish. She could then put the other half into a Medicaid annuity? And use that to pay for a nursing home. Which I think she will have enough to pay 20ish months before Medicaid will pay, by then she will be down to an amount to be able to apply as well. The only thing is I'm her POA but not for gifting things. I'm afraid that if I bring it up she will not gift the house but instead gift the 130000 in money to my sister etc to spite me. I've lived and took care of the house for 4 years. I'm afraid to approach this option but am risking my own health being around her 24/7. Any advice? She would most likely be ruled that she couldn't live alone. Do I risk losing the house it my only motivation to stick around to be honest with her new dementia mind. I want to be what's best for us both but I know her new mind will hate me.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. Has she already transferred an interest in the property to you via the quit claim deed? And, when you say you are the primary owner and she is the second owner...what exactly do you mean by that? Are you both named on the quit claim deed with your name being first? Or, did she transfer title to you and simply retain a life estate? Or, something else? Thanks.
Customer: replied 1 year ago.
I guess it was a quit claim deed to transfer ownership but keep a living estate (term?) when I recieved the deed it has her as secondary owner still so the taxes with star etc are all through her still. I'm afraid she would do something she wouldn't of not wing mad. I can't do the gifting but really can't stay there anymore either. She can't stay alone so I'm hoping she will come around and gift the 50%. How does gifting work what paperwork does it entail what's the process? Thanks
Expert:  Richard replied 1 year ago.
Thanks so much for following up. If the quit claim deed has already been delivered and recorded, then you are the residual owner period. She may have a life estate which enables her to stay during her lifetime as long as she maintains the property and pays the property taxes, but you are the residual owner...and will gain 100% ownership upon the sooner of her death or when she fails to maintain the property and/or pay the taxes, at which time her life estate terminates. There is nothing she can now do to take away your residual ownership of the property because it's already vested in you and a gift such as this, once made, cannot be unilaterally rescinded. So, whether she's mean and nasty and/or wants to hurt you, she has no legal right to do so by taking your residual ownership in the property.



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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 47091
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Expert:  Richard replied 1 year ago.
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