If my 92 year old father wants to gift me his home, what if he ends up in a nursing home?
Question Details:
He has a small pension and social security for income. He would gift the home (value about $150,000) with the right to live in it. If he goes into a nursing home within 5 years can I sell the house and end his disqualification to Title 19 because of the gift. If I am unable to sell the house for the original valud (est. $150,000) and get $100,000 for it do I have to make up the differnce out of pocket. Also, does the state reduce the amount owed to end the disqualification by the amount of capital gains taxes I would have to pay? Do I have any out of pocket expenses beyound the money I receive for the home sold.
In NY, any individual can gift up to a $1,000,000 dollars during his or her life time (it is the NYS credit)tax free. I suggest that if your dad wants to complete the gift, he does it. You are referring to his qualifications for medicaid. No, you would not repay anything. You are the donee. It would be the donor's responsibility. You should consult a lawyer.
