B
brm12450
Guest
What is the name of your state? ny
my mother deeded her house to me 5 years ago and retains a life estate. she is selling this house. the proceeds will be used to obtain an apartment in an independent living situation and pay all fees. i don't understand what portion of the proceeds i will get and what part my mother retains. needless to say i don't want to pay capital gains but i'm more interested in providing for my mother and protecting this money if she needs skilled care.
my mother deeded her house to me 5 years ago and retains a life estate. she is selling this house. the proceeds will be used to obtain an apartment in an independent living situation and pay all fees. i don't understand what portion of the proceeds i will get and what part my mother retains. needless to say i don't want to pay capital gains but i'm more interested in providing for my mother and protecting this money if she needs skilled care.