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

[Heather deVrieze]

It is important to remember that if son owns the house, there is the risk of something going wrong in his life (divorce, death, accident, disability, etc.) and there is no reason in particular to believe that the rule now will continue to be the rule in the future.

Does son take on taxes and insurance? Is mom going to pay rent? Who gets to deduct the cost of property taxes? Does mom currently qualify for reduced property taxes? Will she want to in the future?

Lots to consider, and long term care is only one issue in the crystal ball.

Heather


Heather S. de Vrieze
Attorney-at-Law
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Teunis J. Wyers
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
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