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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 40979
Experience:  Texas lawyer for 30 years in Estate law
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I have POA and medical issues 93 year old

Customer Question

I have POA for legal and medical issues for my 93 year old father who has advanced dementia and is almost blind and deaf. He currently lives alone with daily visits from a care giver but after his recent "break" when he wandered around the neighborhood at 2 am in his pajamas and socks until the police came and escorted him home I am looking into a senior home for him. I plan to move into his paid off home once he is settled in a senior home. Can I transfer title to me while he is still alive and once I sell my existing house how can I give sister 50% the value of my dad's home without incurring a gift tax?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.
Hi and welcome to JA. Ray here to help you tonight.As POA you have the right to transfer title here.Remember you have a fiduciary duty to your father so if challenged you have to show it is in his best interests.The federal lifetime gift limit is $5.45 million so there would be no gift taxes here if it under this amount. Not sure if dad is applying for medicaid here but such a transfer would disqualify him.He cannot gift the house to you here.There is a five year look back so no that this will be a problem. Reference to gift limits Reference to look back I appreciate the chance to help you tonight.Please let me know if you have more follow up.Thanks again.
Expert:  RayAnswers replied 1 year ago.
Expert:  RayAnswers replied 1 year ago.
If you can positive rate it is always much appreciated.