Q: Parents gave 2nd home to son. Only in his name for 2yrs now but lived there for over 10. Can he sell it?
His parents are in their late 70s and they were concerned that there was a five-year hold due to Medicaid if they ever went to a nursing home. But his parents still live in their 1st home.
A: He can sell it, legally, because it is his. However, a reason for waiting 5 years would be to preserve the ability to maybe cure the gift in case the parents need to apply for Medicaid within that 5 year period. In some states the gift penalty can be avoided by gifting the property back, in this case it would be a deed back from the son to the parents.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.