Q: My mother put her children's names on the deed to her house 20 years ago, thinking it would make passing it on to
us easier when she died. But she ended up having to move into semi-assisted living, and now we are looking at huge capital gains taxes when we sell. She will need all the money for her housing, so is there any way to take our names back off the deed so she can keep all the money?
A: You should contact an attorney with experience in estate planning. Your mother may be eligible for Medicaid if she hasn't owned the home for 20 years. Capital gains taxes can be reduced if the home is one's primary residence. Before transferring the home back into your mother's name, you should consult with an attorney to determine your options.
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