Q: Can I title a 55+ community home in mother's name and avoid taxes/claims?
I am 53 years old and looking to purchase a home in a 55+ community for security and financial reasons. Since I am not yet 55, I am considering titling the home in my mother's name. I am concerned about potential issues that could arise if she were to pass away or enter a nursing home, such as inheritance taxes or Medicaid claims. Can a document be created to state the home is on loan to her, allowing me to avoid these issues?
A: We are not allowed to give specific legal advise on this website, see the terms of service. That being said it sounds like you need both estate planning a Will and some medicare planning unfortunately a lawyer will charge you for this advise just like a doctor will charge for medical advise its the way a lawyer and a doctor make their money through their time and advise. A consultation may cost a few hundred dollars but it could save you tens of thousands of dollars down the line.
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