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inheritance question

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LisaDW

Junior Member
What is the name of your state?What is the name of your state? Maryland

Hi. I'm new to this board, so please forgive me if a similar question has already been answered...

I am the sole adult child of a widowed mother. My father passed away in the mid-1980s and my mother's name was also on all of their assets including their house, bank accounts, etc. At that time, she was counseled by an attorney who told her to add my name to everything, rather than will it to me, so as to avoid exorbitant tax penalties down the road.

My question is, in light of new (and confusing) tax laws governing inheritance, is it better for my name to remain as a co-owner on her house, bank accounts, etc., or for her to draw up a new will and name me as her beneficiary?

Another concern is that she is currently self sufficient, but is in her 80s with progressive arthritis. If she were to become in need of nursing care down the road and her house and accounts are in both of our names, could a nursing home facility legally take all of the assets?

Thank you for any advice.
Lisa
 



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