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Question, I have been watching over / caring for my mother…

Hi, Question, I have been...
Hi, Question, I have been watching over / caring for my mother for 28 years now, past 4 years has been very difficult. She is going to be 93. I care for her in her home now. I am her POA and MPOA as well as executor of the will. She has a few small assets in her name. Would me becoming her legal guardian help in anyway regarding protecting her and her small assets? How would I go about that? I'm thinking about signing the house over to me, just so there is no risk of her losing it, I'm not sure how that would happen, but I am concerned about that now. I was thinking about using a quit/claim deed. Appreciate any steps to take. She is ok, cognitively very good, but just needs 100% of attention now, I have a 24/7 aid caring for her, as well as Physical Therapy and a nutrition program all at her home. Cost is like $90k a year. Things are very expensive. If I turn there house over to me, then I can use some equity in the future to pay for the expenses, or just continue to pay for them personally. I worried about protecting the house and the few small liquid assets left and don't want any of those taken away, if that is possible, I guess I'm worried about many things.. thanks..
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Answered in 1 hour by:
3/12/2018
legalgems
legalgems, Lawyer
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I am sorry to hear of your mother's declining health.

The POA is effective until death at which point the executor position applies.

Both of these are fiduciary positions meaning the individual must act in the principal's best interests. Generally this does not permit the agent to transfer the principal's property to them.

If the principal needs to access the equity the POA may generally apply for a reverse mortgage or line of credit.

If the principal is in need of state subsidized nursing care then the state can look back 5 years preceding the application and "undo" any transactions that were for less than fair market value.

Similarly if property is passed during one's lifetime (versus at death) then the recipient does not receive the stepped up tax basis (which essentially erases any capital gains that occurred during the original owner's life) that one would receive as an heir.

Please see:

https://www.irs.gov/faqs/interest-dividends-other-types-of-income/gifts-inheritances/gifts-inheritances

legalgems
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Customer reply replied 5 months ago
What would becoming a guardian serve ? that a POA / MPOA doesn't cover ? What advantages are there to be a guardian ? does this prevent others from making decisions about her ?
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