Mother Ill. Needs To Transfer Property.
My mother is in poor health and she wants to transfer her condo and vacant land to my name. What is the best way to do this? Quit claim deed? What about the title?
I have durable power of Attorney as well. Can I do this myself? If not, who should I go to for help? A title company? An RE Attorney?
BTW, I have an S-Corporation. Is it best to transfer the properties into the corporation?
Thank you,
Stephen
I think this something you may want to ask your CPA. But have you considered using a trust? That could be another option. I don’t know that I would put it into your S-corp, as that could have some tax implications. Again, I would suggest asking your CPA or attorney.
You need to talk to an experienced estate/gift attorney. Rules have changed in this area recently and the Federal and state government is going after property transfers (no matter to who) that are done within 2 or 3 years (I think) of admission to a facility. As you know, if nothing is done, they have a claim against the estate to the extent benefits were paid for care. Seek advice from an experienced attorney to see what you can/cannot do under the law. I can tell you that the days of transferring the property to kids, parent goes into facitlity paid by government and dies a year later and the kids get the property are over.
advancit... The Devil is in the details as you know. Which state are you in?
State law determines the effect on title of various liens and judgments.
In Florida, I would have Mom Warrantee Deed the property to your S-Corp or yourself.
[addsig]
Our favorite title company has warned us that his underwriters are frowning on Quit Clain Deeds. We have started getting Warranty Deeds from sellers.
different states are more agressive than others.
In CA is the transfer was done in the last 3 yrs, the State can "take" your at death.
There are some estate planning techniques (special needs trust) which can take advantage of a loop hole.