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Richard, Attorney
Category: Estate Law
Satisfied Customers: 55463
Experience:  29 years of experience practicing law, including tax and estate planning.
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My mom is 87, and wants togive me her house worth 50-90000

Customer Question

my mom is 87, and wants togive me her house worth 50-90000 she will probably need to go into a home at some future point and has no assets other than home .If I buy her home
for 20000 and she ends up in a home can they take the house after I bought it
Submitted: 1 year ago.
Category: Estate Law
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you.

This transaction would be considered part sale/part gift. It would be a sale for the $20,000 and a gift with respect to the value over the sale price. There is a 5-year look back period for purposes of Medicaid assistance for any transfers made for less than fair market value. So, if she were to need government assistance prior to the expiration of 5 years, the gift portion would impact her eligibility. If she can make it 5 years, then there would be no issue. But, at least if you did the transaction now, you would start the 5 year period.

This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you it would not cause any issues for her, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!

Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!