Indianapolis, IN asked in Estate Planning and Probate for Indiana

Q: If my Mother gifts me her house. And uses the IRS form 709 on this years taxes. If she passes can the IRS come after me?

She will be 91 this month. In pretty good health but may need some in home assistance or go to an assisted living facility at some point in time.

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1 Lawyer Answer
Nina Whitehurst
Nina Whitehurst
PREMIUM
Answered
  • Estate Planning Lawyer
  • Crossville, TN

A: Your mother needs to see an elder law attorney as soon as possible. She needs to understand that gifting the house to you will create a long penalty period if she needs Medicaid to pay for the nursing home. For your part, you need to understand the loss of step up in basis associated with lifetime gifts. There are other issues. Get personalized legal advise before doing this.

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