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

[Chris Moore]

But, if she continues living in the home without paying rent and continuing
to pay the maintenance and taxes, doesn’t she have an implied retained life
estate?  Has Medicaid recovery ever brought up that argument?



Sincerely,

*Chris J. Moore*
Christopher J. Moore, JD, CPA (Inactive), AEP®, EPLS*
Creason, Moore, Dokken & Geidl, PLLC
Lawyers
1219 Idaho Street, POB 835
Lewiston, Idaho 83501-0835
Phone: 208-743-1516; Fax: 208-746-2231
Website: www.cmd-law.com

*Certified as an Estate Planning Law Specialist by the Estate Law
Specialist Board, Inc., the only estate planning certification entity
approved by both the American Bar Association and the Idaho State Bar
Association.
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*From:* wsbapt-bounces at lists.wsbarppt.com [mailto:
wsbapt-bounces at lists.wsbarppt.com] *On Behalf Of *Josh Grant
*Sent:* Tuesday, January 02, 2018 4:20 PM
*To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
*Subject:* Re: [WSBAPT] Can you just give it away and stay healthy for 5
years?



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 <teunisj at wyerslawpc.com>

*Sent:* Tuesday, January 02, 2018 3:39 PM

*To:* wsbapt at lists.wsbarppt.com

*Cc:* Lorrie Knowles <lorrie at wyerslawpc.com>

*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:

     216 Columbia St. - P.O. Box 917

     Hood River, OR 97031

     (541)386-2210/610-1520 (fax)

Washington Office:

     218 E. Steuben St. - P. O. Box 421

     Bingen, WA  98605

     (509) 493-2772/493-2406 (fax)

Email:  teunisj at wyerslawpc.com

Web:  www.wyerslawpc.com



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