The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: transfer of house title||Date: 10/7/2013 10:31 AM|
|Author: TMFPMarti||Number: 119268 of 123001|
My MIL wants to do this for 2 main reasons:
1) To hopefully not lose her house if she goes into a nursing home for a lengthy amount of time
Makes sense to me. Much better for me to pay her expenses rather than her paying them. I have no idea what her medical and financial circumstances are, but there is a Medicaid look-back period. If she needed Medicaid, a/k/a welfare, assistance before then her daughters would have to fork over its value.
2) So my wife and SIL hopefully won't have to pay inheritence taxes at the time of her death.
Unless she lives in one of the few states that have an inheritance tax, if she has enough assets to worry about estate tax she should have long ago seen an estate planning lawyer. Since there are so few estates subject to estate tax nowadays, it's more likely that she's bought into all of the political BS about the "death tax."
She wants to do whatever she can t