The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Amateur legal opinions requested||Date: 6/24/2012 3:13 PM|
|Author: Goofyhoofy||Number: 116334 of 122084|
Unless an aversion to seeking professional help runs in the family
It does. It always does. And if there are three possible courses of action: right, wrong, and seriously idiotic, they will dither and then select from either of the last two.
For the record, the vote from the family was 2 that "it matters" (me/Mrs. Goofy and one SIL who spend her life with SSA), and 4 that "it doesn't" including the daughter who took him in, another, himself, and an elderly sister.
Finally, I would only note that while the gift tax does apply, it's irrelevant (except for paperwork), given that the house is "manufactured", sits in what used to be called "a trailer park", and isn't worth much anyway. So by my reading it will easily fall within the lifetime exclusion for that particular issue. I remind myself that most people never get, nor give "gifts" of any real size and are unfamiliar with the concept at all - which is not to excuse the behavior of not having a lawyer involved when changing names on a deed (how would you go about that without a lawyer?), but there you have it. The dark side of the family.
Frankly, we didn't even know about the deed or much else until it was a fair accompli. That's how things usually roll over there, and they never seem to learn. Ah well.
The issue now is the "look back" period for Medicaid, given that this all happened so recently, and he will be out of money (best case) in 18 months or (worst) in a year. Then what? I'm seriously tempted to turn off the phone and say 'Not my problem', but then it's the Mrs.' family, and I don't think that's really an option.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|