If my 92 year old father wants to gift me his home, what if he ends up in a nursing home?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my 92 year old father wants to gift me his home, what if he ends up in a nursing home?
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.
Asked on December 4, 2011 under Estate Planning, Connecticut
Answers:
Sharon Siegel / Siegel & Siegel, P.C.
Answered 12 years ago | Contributor
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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.