Legal Question in Real Estate Law in Illinois
I'm my mom's POA. She has farm land that is to be left to me...what I need to know is can I get it put in my name in case I need to put her in a nursing home??
2 Answers from Attorneys
You need some attorney assistance. A POA is not a will and is not a trust. If your mom requires nursing home admission and any transfer to you is less than 5 years prior to need for public assistance and the "price" paid is less than fair market, the farm land "conveyance" to you could be undone, or your could become liable for its value. See an elder law attorney. Soon.
The consequences to these kinds of decisions can be significant. You need to consider look-back periods, income tax ramifications, gift tax ramifications, exposure of the property to creditors, why this is in a POA, ... Meet with an attorney in your area.