Cleveland, OH asked in Elder Law for Ohio

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?

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1 Lawyer Answer
Answered
  • Elder Law Lawyer
  • Brooklyn, NY

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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