The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: House transfer: Father to Sons Date:  6/21/2006  5:21 PM
Author:  JAFO31 Number:  87500 of 124535

bigdogsfo: "This is in reply to JAFO, but thank you to all who responded. As I hoped, this dialog has brought issues to bear that none of the three of us had considered before. I have 2 follow-up questions for the board:"

<<<1) In addition, no one mentioned the look-back periods on gifts for making determinations for eligibility for Medicaid. I realize that we do not have the whole picture, but if Dad suddenly needed care, he could be SOL.>>>

"He's SOL now."

We have slightly different definitions of SOL, then. Right now, he owns the house and could sell it and use the resulting funds to pay his own care.

Your plan has him divesting himself of the fee simple title to the house