elderly home ownership
what are the disadvantages to joint ownership of a home with your elderly mother? Not sure if there are tax implications if we are on the deed or if she should just gift the house to us while she continues to live in it.
Asked on 10/11/07, 7:55 pm
1 Answer from Attorneys
Joseph Michelotti
Michelotti & Associates, Ltd.
Re: elderly home ownership
Tax disadvantage is that your basis is 0, whoever since no tax is due until $250,000, you are probably ok.
How old is Mom. Is there a potential she could be placed in a nursing Home?
Might want to look at an Illinois land Trust or maybe living trust.
email me if you have any questions.
Answered on 10/12/07, 11:33 am
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