[WSBAPT] Transfers and Look Backs

[Amy Goertz]

Happy 4th of July Eve!


Client has a Living Trust dated 1996. At the time the Trust was created, a Warranty Deed was used to transfer her residence into the Trust. In 2010, Client “gave” the house to a relative. The relative moved in and took over maintenance, taxes and other expenses relating to the house. There was no paperwork regarding an agreement, gift, or transferring title, which they now want to remedy.

What are the possible repercussions if she signs a Quit Claim Deed as Trustee and gives her the house now. We are also planning to do a 709 informational return as she will not likely have a taxable estate. 

Is there anyway to head off a possible five-year look back if she passes away in the next few years and ends up on Medicaid? They do not anticipate that being the case, but just in case.

Thanks in advance - 


Amy

Amy J. Goertz, J.D.
Goertz & Lambrecht PLLC
amyjgoertz at icloud.com <mailto:amyjgoertz at icloud.com> 

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