Sale of Mother's Home

[andesa]

I've heard that my mother can sell her home to me for $1.00. I could then sell the property and invest the proceeds for her (so the money will not be in her name). Is this a legal process? I have some of her money in an annuity in my name but can access it for her if she needs it. Would do the same with this money.

My mother no longer lives in the home place. Its a small house on 4 acres - probably worth $50K. She is currently in an apt but will live with me and my sister within the next 6 months. We live in Texas.

Thanks.

 

[ALawyer]

That would be a gift of $49,900 to you. If done to get rid of her assets for Medicaid or avoiding creditors, it could be fraud.