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Guest
What is the name of your state? What is the name of your state? New Jersey
my mother owns her home free and clear, my sister lives with my mother. I want my mother to sell the house to my sister for any amount (one dollar) for several reasons, I am not interested in the assets, it is mostly for my mothers benefit she is
83 years old. we, the two children will take responsibilty for our mother. this is the only assest she owns, reason mostly for mothers ability to recieve as many benefits possible from the state since she has no cash. my reasoning, mother would be eligable for care from the state without the asset of homeownership. the home is willed to my sister and me to which I have no interest. I mainly want the best care possible for my mother and to secure my sisters future. would it be in my mothers best interest to transfer the deed into my sisters name now? what about any possible gains tax, market value of house approximately $180,000
my mother owns her home free and clear, my sister lives with my mother. I want my mother to sell the house to my sister for any amount (one dollar) for several reasons, I am not interested in the assets, it is mostly for my mothers benefit she is
83 years old. we, the two children will take responsibilty for our mother. this is the only assest she owns, reason mostly for mothers ability to recieve as many benefits possible from the state since she has no cash. my reasoning, mother would be eligable for care from the state without the asset of homeownership. the home is willed to my sister and me to which I have no interest. I mainly want the best care possible for my mother and to secure my sisters future. would it be in my mothers best interest to transfer the deed into my sisters name now? what about any possible gains tax, market value of house approximately $180,000