Q: My elderly mom moved into a house I own. Should I add her to the deed to save real estate taxes?
My 75-year-old mother moved into a house I own. I am wondering about adding her to the deed, so that she can claim homestead exemption and save me money on taxes. However, would this be a financial detriment if she ever entered nursing care, e.g., would I have to sell the house to pay for her nursing care? I intended to keep the house as a rental after she passes.
A: You should visit with an estate planning attorney who understands medicaid as it sounds like you are worried that if your mom has assets and receives aid you are worried they would take those assets away when she passes. There are many ways to plan for this; however, you need to consult privately with a lawyer.
Nina Whitehurst agrees with this answer
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