Home ownership

[VictorO]

Hi and thanks in advance for any replies that I receive in this matter. I am Power Of Attorney over my great-aunt who is 88 years old. She is to the point mentally that she is very forgetful and is not caring for herself (bathing,fixing meals, etc.) My grandmother (her sister) had her move in with her but it has become too much of a burden on her. My aunt can actually live alone in her house but i need to arrange for meals to be delivered and family members to go by daily to insure that she is bathing, etc. My concern is that my great aunt has willed everything to me, however 6 months ago, we signed a paper putting her house in my name ( I gave her one dollar for it). If it gets to the point that she may have to go to a nursing home can they make me sell the house to help defray costs of the care? She has approximately $900.00 a month income from SS and a small pension. She also has medicare. Does medicare help pay for nursing home? If the nursing home can make me sell the house to help pay costs, what if she had sold it to someone outside the family? Should I sell it? Also, this is not as important but she still thinks she can drive her car but everyone in the family knows that she would be putting herself as well as other motorists in danger if she drives. She can pass the driving test possibly but how can we make it so she can't drive. She gets very angry when told she can't drive. We live in Indiana.
Thanks, Victor

 

[lawrat]

I am a law school graduate. What I offer is mere information, not to be construed as forming an attorney client relationship.

Okay, if she put it in your name and for one dollar consideration: could go one of two ways in her mental state:
1) No one contests it and it is yours. A present gift.

2) someone contests it by saying you coerced her or had a motive and somehow convinced her to give you the home.

Speak with an estate attorney who can give you the run down on your rights/liabilities/complications.

Hope this helps.

 

[loudrich]

Victor Victor Victor......

You could be in a heap of trouble....NOBODY gets away with willing a house for a $1.

That is illegal if you dont report the value of the house on your Federal and State income taxes for next year. So anything over $10,000 value you have to pay GIFT taxes on.... Start saving your money NOW.......

Also it should have been done with an attorney, the deed changed and filed and estimated taxes paid.

And if it is not done then you must wait 3 to 5 years before you can apply for Medicaid, yup this is to prevent the fraud you are contemplating.

So get a lawyer today, pay the taxes we paid $27,000 GIFT taxes on a $250,000 house, but it belongs to me and my two brothers and my parents have living rights in the house.

so they are in the clear......you are not.

get on this today...or she still may lose the house.

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<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by VictorO:
Hi and thanks in advance for any replies that I receive in this matter. I am Power Of Attorney over my great-aunt who is 88 years old. She is to the point mentally that she is very forgetful and is not caring for herself (bathing,fixing meals, etc.) My grandmother (her sister) had her move in with her but it has become too much of a burden on her. My aunt can actually live alone in her house but i need to arrange for meals to be delivered and family members to go by daily to insure that she is bathing, etc. My concern is that my great aunt has willed everything to me, however 6 months ago, we signed a paper putting her house in my name ( I gave her one dollar for it). If it gets to the point that she may have to go to a nursing home can they make me sell the house to help defray costs of the care? She has approximately $900.00 a month income from SS and a small pension. She also has medicare. Does medicare help pay for nursing home? If the nursing home can make me sell the house to help pay costs, what if she had sold it to someone outside the family? Should I sell it? Also, this is not as important but she still thinks she can drive her car but everyone in the family knows that she would be putting herself as well as other motorists in danger if she drives. She can pass the driving test possibly but how can we make it so she can't drive. She gets very angry when told she can't drive. We live in Indiana.
Thanks, Victor <HR></BLOCKQUOTE>