Is there a waiting period from the time a home is put in someone else’s name until money from the sale of the property can be used?

My mom’s home has been in my name for 2 years. She has lived with me during this time as she has dimentia and is 90 years old. The house has remained empty. I would like to sell the house and use the money to help my daughter and her family. I was told that I had to wait a certain amount of time from the date it was put in my name before any money from the sale can be used. Is this true??

Asked on July 31, 2012 under Real Estate Law, North Carolina

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

It depends I think on what your future intention is with your Mother.  More facts are needed here and you should sit woth some one in person to discuss this.  If you intend on placing your Mother in to a nursing home then there is a look back period if you intend to ask the state or federal government to pay.  Please seek help from some one in the area that deals with estate planning and elder law.  Good luck.


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