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Questions Answered by Daniel J. Krause
1 Answer | Asked in Estate Planning and Real Estate Law for Wisconsin on
Q: In Wisconsin is it legal to sign your real estate over to a relative prior to your death?

It used to be that it had to be a number of years prior to death. But someone told me that you can not do it at all any more.

Daniel J. Krause
Daniel J. Krause answered on Jul 20, 2017

You can sign your house over to anyone you like at any time. However, if you do this, it will affect your eligibility for Medicaid for 5 years. If you apply for Medicaid benefits (to pay for Nursing Home care, for instance) within 5 years of gifting your home (or anything else), you will incur a... Read more »

2 Answers | Asked in Estate Planning and Real Estate Law for Wisconsin on
Q: My mother-in-law (age 75) would like to pay off her daughter's mortgage ($110K). Loan vs Gift?

My sister-in-law collects SSI for a special needs son. If she is given the money, it will disqualify her for SSI. My mother-in-law has suggested a low or no interest loan that would be forgiven in her will. They live in Wisconsin. What are the legal issues that need to be considered.

Daniel J. Krause
Daniel J. Krause answered on Jul 20, 2017

This is a very interesting question. Because a person's home does not count against their eligibility for SSI, your mother-in-law might be able to give her daughter a home, or pay the mortgage. Though it would take a bit more looking into, the gift of mortgage money seems like a safe gift. For... Read more »

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1 Answer | Asked in Estate Planning for Wisconsin on
Q: Is an inheritence of home sales funds, annuity or trust funds taxable?

The inheritence will come from Illinois and we live in WI

Daniel J. Krause
Daniel J. Krause answered on Jun 2, 2011

The answer to this question depends on a few things: 1-the size of the entire estate, including life insurance, IRAs, real estate, etc. If the estate was large enough to have an estate tax, then the tax will have to be paid before you get the property. 2- what year did the decedent die? This is... Read more »

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