Q: Should I add my name on the deed to my mother's house?
Only 1 heir (me), no mortgage, no debt either side. mom is 82., dad passed in the fall - sister passed 25 yr ago (not married). I live 1 hr+ away. She just got a settlement from asbestos suit, so do not have to use home for equity to help with monthly bills and taxes for the time being - not alot, but helpful for some time. Only reason I would is if she would need to go to a nursing home - she's together in the mind - still gets around. After reading alot on the internet about this - seems like we should just let it be, anything else to help on what else, if anything we should do. Mom does not have a huge estate - not a big house ~$130k. Total estate with house - under $250k
A: Your mother and you would be best advised to speak with a knowledgeable lawyer and develop a comprehensive estate plan.
I will give you a few random things to check on:
1. If your mother needs nursing home care, is the house an exempt asset?
2. If the house is exempt and you are added to the deed, is it still an exempt asset?
3. Are you better off if the house is completely gifted to you?
4. If the house is gifted, what is the "look-back" period if mom needs nursing home care?
5. What is the expected inheritance tax on the house?
6. How can you escape inheritance tax?
7. What is the "look-back" period for inheritance tax?
These are just a few of many questions. As I said, you need to consult with a lawyer.
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