Upstreamgift
Member
What is the name of your state? CA
My mother is 90 years old and she lives in her house which is titled in ONLY my name.
I am not sure if she will ever need to live in Nursing home (I assume Medicare will pay for it because she does NOT own any property legally).
I originally planned to sell the house after she passes and split the proceed to my three siblings per her wish (after paying all the capital gain tax)
My new plan is to take advantage of the step-up benefit and also avoid probate:
1. Create a Revocable Living Trust for her NOW with her name as the Trustee and put my other three siblings as beneficiaries of any real properties she will own in the future.
2. A few months before she pass (could be weeks or even days) I will gift the house to her by executing a Grant Deed that will transfer the house directly from me to her Living Trust.
My questions are:
1. Will I have to transfer the house to her name first then she will transfer the house to the trust? Or can I just transfer directly to her Living trust? The reason I want to do this is I don’t know if she can be in the minded state to execute the Trust Transfer Deed (i.e sign the Deed and have it notarized)
2. If she will own the house legally in less than one year, will the house go back to my estate (The assumption I have is that my name is NOT listed in the beneficiary list and the house does not going back to the Donor)
3. If she were admitted to Nursing home, will the Medicare go after the house if they found out she owns it right before she dies?
Thanks in advance!
My mother is 90 years old and she lives in her house which is titled in ONLY my name.
I am not sure if she will ever need to live in Nursing home (I assume Medicare will pay for it because she does NOT own any property legally).
I originally planned to sell the house after she passes and split the proceed to my three siblings per her wish (after paying all the capital gain tax)
My new plan is to take advantage of the step-up benefit and also avoid probate:
1. Create a Revocable Living Trust for her NOW with her name as the Trustee and put my other three siblings as beneficiaries of any real properties she will own in the future.
2. A few months before she pass (could be weeks or even days) I will gift the house to her by executing a Grant Deed that will transfer the house directly from me to her Living Trust.
My questions are:
1. Will I have to transfer the house to her name first then she will transfer the house to the trust? Or can I just transfer directly to her Living trust? The reason I want to do this is I don’t know if she can be in the minded state to execute the Trust Transfer Deed (i.e sign the Deed and have it notarized)
2. If she will own the house legally in less than one year, will the house go back to my estate (The assumption I have is that my name is NOT listed in the beneficiary list and the house does not going back to the Donor)
3. If she were admitted to Nursing home, will the Medicare go after the house if they found out she owns it right before she dies?
Thanks in advance!