Orlando, FL asked in Tax Law and Real Estate Law for Florida

Q: My mother owns her home with no mortgage but is unable to continue living by herself. Our plan is to build an Inlaw.

Suite adjacent to our home. What is the best way to get the money for the addition to our builder avoiding any unnecessary taxes? I know she can gift us up to 28,000 but how do we go about getting the rest of the money? If I put my name on her deed and had the money deposited directly into my account would I have to pay some type of gift or gains tax?

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1 Lawyer Answer
Andy Wayne Williamson
Andy Wayne Williamson
Answered
  • MIramar Beach, FL
  • Licensed in Florida

A: I suggest that the best solution would be to speak with an Estate Planning or Elder law attorney in your area. There is more issues than just the building of the InLaw suite at your home. An Elder Law / Estate planning attorney can guide you through these issues and the ones not mentioned in your question.

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