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I have a real estate question. Pennsylvania, no, It involves…

Hi, I have a...

Hi, I have a real estate question.

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Pennsylvania

Lawyer's Assistant: Has any paperwork been filed?

No

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

It involves my 90 year old mom and the transfer of her home to me...possibly

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Answered in 5 minutes by:
11/28/2017
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,726
Experience: 30 years of real estate practice experience.
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Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

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Customer reply replied 7 months ago
My 90 year old mother is moving into an independent living apartment. It's not HUD but is through the Jewish Federation so considered low income housing and she had to get screened through her finances to be eligible. She has a duplex and will be moving out of the top floor leaving it empty. I can't rent it because she was accepted into her apartment based on income. Can I put the house (duplex) in my name so that I can collect rent from the top and bottom floors? A tenant rents the bottom now. I have Power of Attorney. Thanks for your help.

Did she need to disclose her assets to the Federation or make any representation about her assets?

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Customer reply replied 7 months ago
She disclosed all of her assets. We sign the lease for the apartment on Thursday.

I would hesitate to make any real estate transfers due to the loss of the step up in basis and the effect it will eventually have on capital gains.

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Customer reply replied 7 months ago
However it's independent living, not assisted. They do not have access to her finances.

She can transfer the property to your name, but I would be careful as it could create tax problems or become an issue if she need to be eligible for Medicaid in the next 5 yrs.

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Customer reply replied 7 months ago
Hmmm, okay. What is step up in basis? The top floor could potentially earn $1200/month and it will be sitting vacant. It's just a shame.
Customer reply replied 7 months ago
Okay, so I could transfer it legally, it just may be a problem if she needs nursing care or assisted living within the next 5 years?

It means that when she dies the basis, used to calculate capital gains tax when you sell it will be based on the value of the property on the date of her death, rather than when she purchased it.

Yes, if she needs medicaid they will look back 5 yrs for transfers.

Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,726
Experience: 30 years of real estate practice experience.
Verified
Loren and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 7 months ago
Thank you Loren. I appreciate your help!

You are very welcome. Thanks for using JA.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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