Legal Question in Wills and Trusts in Georgia
Is it legal for heirs to purchase property from their parents instead of inheriting it?
2 Answers from Attorneys
Sure, of course.
The living have no heirs. You are not an heir until one or both of your parents are deceased. You are a child of your parents while they are alive and they can sell their property you or anyone else they choose. This all begs the question though of why they are doing this? It is unethical for me to discuss their issues with you. If it is to avoid having Medicaid take their property, this is a tricky area of the law. They cannot just give away their property today and go into a nursing home tomorrow. There is a 5 year look back period which may preclude them from applying for benefits. The time for estate planning is not when your parents are ready to move into a nursing home but before. They need to sit down with an estate planning attorney who specializes in Medicaid planning who can assist them in transferring their assets so that they will not jeopardize their need for Medicaid should that arise. However, if they want to sell their home to you for fair market value, then there are no impediments.