[WSBAPT] Can you just give it away and stay healthy for 5 years?

[Josh Grant]

She can just give it outright to son.  If she is healthy for 5 years, fine.  If not he might have to give it back to her. 
Losing a capital gain tax benefit is less expensive than paying $10,000/ month.

She will have to pay down with private pay to $2000 after the 5 years.

From: Teunis J. Wyers 
Sent: Tuesday, January 02, 2018 3:39 PM
To: wsbapt at lists.wsbarppt.com 
Cc: Lorrie Knowles 
Subject: [WSBAPT] Can you just give it away and stay healthy for 5 years?

Client is a widow. Owns home worth about $350K free and clear, with a basis of about $110K, and an annuity with $56K in it.  Her son suggests that she gift the home to him now, understanding that he will miss out on a stepped up basis, but thinks she is healthy enough to stay out of care for 5 years.  My guess is that it's not that simple.  What do I tell him?  I know that we would not want to reserve a life estate, because that would create a link to a Medicaid reimbursement claim if she did go on care at any time.


-- 

Teunis J. Wyers @ Wyers|Wyers, Attorneys 
Oregon Office: 
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