needadvise45
Junior Member
Florida
Hi I need advise, My mom is in the early stages of
dementia, my mom has be married for 28 years to a younger man who at
this point cannot handle the juggle of my mom's dementia and his job
and the change in their marriage due to this horrible disease.At
this point Ive decided not to argue about it and let him depart with
no guilt. My mom is 66 he is only 55 so he wants a divorce, so be it.
The husband still wants my mom to be cared for, so I of course with
no hesitation volunteered.
Here is my problem the husband made me POA and we are selling their house
and building a new one for my mom and me and my children to have a bigger place to live in
with the equity from the sold house so I can take care of her, but the house in going to be in my
and my brothers name so my mom will always have a house to live in. Now the house just sold
and the equity is being wired into my bank account
with my brother as the beneficiary incase I die, so he can have the
money to pay the builder the equity is buying the new home
it will be mortgage free. My mom's income is low so that is what has to be.
Do I have to pay taxes on this money as income?
Will the equity be considered as still as my mom's assets? What
happens if we sell it after she passes? Will I have to pay Capital Gain?
The divorce papers between them will not show assets for all they own
together will be sold and transferred before a divorce. We
settled together me and my brother w/ the husband for her, she is
getting her fair share but we are scared to put anything in her name
due to future law suits, hospital bills, nursing home leans? And
it being in my name is scary also. HELP!
Hi I need advise, My mom is in the early stages of
dementia, my mom has be married for 28 years to a younger man who at
this point cannot handle the juggle of my mom's dementia and his job
and the change in their marriage due to this horrible disease.At
this point Ive decided not to argue about it and let him depart with
no guilt. My mom is 66 he is only 55 so he wants a divorce, so be it.
The husband still wants my mom to be cared for, so I of course with
no hesitation volunteered.
Here is my problem the husband made me POA and we are selling their house
and building a new one for my mom and me and my children to have a bigger place to live in
with the equity from the sold house so I can take care of her, but the house in going to be in my
and my brothers name so my mom will always have a house to live in. Now the house just sold
and the equity is being wired into my bank account
with my brother as the beneficiary incase I die, so he can have the
money to pay the builder the equity is buying the new home
it will be mortgage free. My mom's income is low so that is what has to be.
Do I have to pay taxes on this money as income?
Will the equity be considered as still as my mom's assets? What
happens if we sell it after she passes? Will I have to pay Capital Gain?
The divorce papers between them will not show assets for all they own
together will be sold and transferred before a divorce. We
settled together me and my brother w/ the husband for her, she is
getting her fair share but we are scared to put anything in her name
due to future law suits, hospital bills, nursing home leans? And
it being in my name is scary also. HELP!
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