Follow
Share

Can my mom sign her house over to me?  I’m an only child.  I have POA for health and finances and will inherit all she owns on her death.

This question has been closed for answers. Ask a New Question.
Find Care & Housing
You can also use a land trust, you would become person on the deed at time of her death.
Helpful Answer (0)
Report

Your mom can sign up to $5.6 million over to you before she dies without either of you paying taxes on the gift. If she gives over $14,000 in a single year she's supposed to file a form withthe IRS so they can know when or if the 5.6 million is exceeded. The 5.6 million and 14,000 amounts just increased--you can find the exact numbers on the internet or through a CPA.

My mother gifted a condo to a relative in 2017 and was terrified of possible tax consequences so we thoroughly checked it out with a CPA. I believe she used a quit claim deed and it took her a day at the courthouse to sign and record--we live in a busy area. If there was a Medicare look-back situation within five years the condo gift could be pulled back. But that's not likely to happen because she has enough assets remaining for a nursing home and would probably will herself to die before going into one.

If you used the Ladybird deed others mention, her name would still be on the house until she dies. If it's deeded to you alone it can't be liened for her debts unless there's a medicare look back scenario.
Helpful Answer (0)
Report

Why don't your my do a "Ladybird Deed' this way her name is first on the deed & she still owns the house, which means she can sell it if she wants to without you having any say; however, your name is on the secondary, which means the house will not go through probate. Upon her death you just register her death certificate & the house goes into your name.

This is what my mother had done. In my state I do not have to pay any estate tax or anything.

I don't think your mom should just sign her house over to you because of Medicaid 5 year look back rule.

Talk to Elder Lawyer before doing anything.
Helpful Answer (2)
Report
worriedinCali Nov 2018
i don’t think that’s an option if her mom has Alzheimer’s/dementia. She can’t sign anything over.
(0)
Report
You have Mom has ALZ/Dementia. This diagnosis will keep her from being able to sign the house over. She is competent to sign a legal document. If this is done within the Medicaid five year look back, the house will revert back to her as an asset that can be used to sell for her care.
Helpful Answer (3)
Report

Mistake
Helpful Answer (0)
Report

Your post has two different & conflicting terms....
In order for someone to “sign over” real property (home, land, cars) they need to actually own it in full with no liens on it. So no mortgage, no securtized lending on it. The property gets titled to your name and goes through whatever systems your state has for real property and filed at the courthouse. Mom can do this with you right now if she wanted to.

In order to “inherit at death”, that’s different and that means she as per her valid will, it has you as the beneficiary of a specific asset of her Estate, which would be her house. The distribution of the terms of the Will goes through a probate process. If all she had was the house, it could be a simple small estates affidavit that’s filed.

HOWEVER, if any of this is being considered to possibly get around a Medicaid lookback, or Medicaid estate recovery, that is imho not a DIY project and needs an elder law attorney consulting before mom does anything. Medicaid has a 5 year lookback on applications

Your ? Is Under “fraud & scans” is there a reason why this category?
Helpful Answer (3)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter