Q: My mother was diagnosed with Alzheimer’s about two years ago. She is currently in an assisted living residence.
I have power of attorney over all of her financial affairs and have handled all of her bills. She has officially been declared unable to handle her finances by her physician. The only thing I have not taken care of is the ownership of her home, which is free of a mortgage.
Can I use a quit claim deed to have it transferred into my name? I don’t want there to be any more problems than necessary when she passes away.
Thank you for your help.
A: There are many things you should consider before transferring the home from your mothers name to your name. If possible, avoid transferring the home into your own name while your mother is still alive.
You might want to consider selling your mother’s home since she is not going to move back into it if she has Alzheimer’s. If you don’t want to sell the home, you should consider transferring title to the property into a trust. The trust will then name you (or her other heirs) as beneficiary. When she dies, title to the property will bypass probate but you will be able to take advantage of any step-up in the basis – depending if the estate tax permits a step-up in value at the time of her death – that is available through the IRS or your state tax laws.
If you transfer title to yourself, you will receive it at the current cost basis, which would probably be the price she paid for the home plus any capital improvements.
Once the property is in a trust, you can rent it or keep it.
There is quite a bit of uncertainty relating to estate tax laws. Your situation may involve an expensive home that has enjoyed a lot of appreciation. On the other hand, the home may be mortgage-free but may not have had much appreciation over the years.
Depending on the value of the home, what you want to do with the home, whether there are other siblings involved and whether you could sell the home in this market are all issues you should discuss with a professional.
Discuss the situation with an estate attorney or an elder law attorney to make sure that all loose ends are tied up, and you won’t be causing problems for yourself or your mom down the line should she need government assistance.
I need to sell my parents home mom has been dead for 10’years and dad pass away a month ago he spent the last 3 years in a nursing home is there any legal things that needs to be done with the government or nursing home he was on Medicare and Medicaid he has no outstanding bills with the house and I’m the power of attorney .
My sister and I had my mother’s house put in a trust…so basically we own it but we can’t sell it because Mom is still alive and the nursing home would receive 1/3 of the sale of the house.
Her son is living in the house rent free but pays all the utilities, taxes which is fine…but when the house needs repairs she comes knocking on my door for money. I can’t afford to fix my mother’s house and my own. There is still money in a CD but she doesn’t want to take it out because we have to pay taxes is on it.
She is the executor of my mother’s estate. She has Power of Attorney and Health care proxy. I am just named and 1/2 the house is mine after my mother passes away…but the two of us own the home, but not outright because mom is alive.
DO I have to keep pitching in for repairs for this house? Shouldn’t the estate be paying for the repairs…it’s getting to be too much and causing a rift when I refuse to give money for repairs – money I don’t have.
We live in Massachusetts.
My husband and I are caretakers for his mother. We are live in caretakers. She has beginning stages of Dementia, still able to make decisions, but we are here for her self being care, medical and home care. Oldest daughter, who lives next door is on her bank, home accounts, does that make her able to claim my mother-in-law on her taxes, and not us. My mother does own her home, clear.
Just needed to ask these questions to make sure.
My fiancé and I are living in my parents home. My mom has dementia and lives in a nursing home and my dad past away 3years ago. We want to move but I don’t know what to do about the house. I don’t have power of attorney what else can I do to put it in my name?
I am the POA for my mom financially. My mom is in a memory facility with Alzheimer’s I have a couple of questions.
Can I sell her house saving her house insurance and taxes? My sister who is also a beneficiary on my mom will wants to buy it now and have me take the money out of her inheritance ( that we don’t even have). She just wants to have it appraised and then pay for what it’s worth no mortgage. Is this legal to do? If I sell it to someone else the profit we make will go into the family trust. I will still have the trust to take of my mom!
Thank You
Sandy Olsen
My sister is pos when mom passed there AR 5 of us kids can she turn around and sell the house she said she is and I have to move what should I do
i would like to buy my mothers house to live in and also care for her she is 95 and struggling a bit the house needs modernisation which i would do there is no mortgage on the property they are making 120 to 150 thousand i would want to pay 105 thousand to help cover the cost of renovation also what benefits would my mother loose she gets attendance allowance plus pensions now