Q: In Ohio. My mom is 95. My sister and I are guardians for her. Can she sell her house and lay aside so much of money?
It would be in case she would need healthcare on a facility. Can she split the rest of money between her four daughter's?
A:
Wow it's a tough one! Your mom is 95 it's amazing may she live to be 120!
As for the house- best thing is to wait for the house to pass to you after her death because of Step Up basis. I would actually put a house into Irrevocable trust and leave your mom a life estate.
You should definitely consult with estate attorney regarding this matter and you should prepare a living will and a POA for your mom ASAP.
Sincerely,
Inna Fershteyn
Law Office of Inna Fershteyn and Associates, P.C.
1517 Voorhies Ave, Suite 400
Brooklyn, NY 11235
tel: 718-333-2394
fax: 718-701-8859
www.BrooklynTrustandWill.com
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