Legal Question in Real Estate Law in Connecticut

''Signing over'' house

My mother in law is 88 and is wants to make sure her assets (mostly home - small $)are left for her 4 children. She is still in her house wants to protect assets from the state in case of need for nursing home. She is aware of title 19 36 month rule. What's the best way for her to make sure her assets are left for her children while she continues to live in the house.

Thanks

Dave MacDonald


Asked on 5/06/05, 1:45 pm

1 Answer from Attorneys
John Heffernan Heffernan Legal Group, LLP

Re: ''Signing over'' house

Live 3 more years. There's no real way around the 3 yr rule. Her best bet is to SELL her house to her children (and their spouses, if they have them), take back a mortgage for the full purchase price, then forgive $10,000 per year per child and spouse ($80,000/yr, if there are 8 of them), and hope she lasts 3 years. (Even if she lasts only, say, 2 years, there's a pro-ration that goes into effect). That way, the kids at least have a tax basis when they go to sell.

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Answered on 5/07/05, 8:45 am


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