Legal Question in Real Estate Law in Maryland
mother and four son
Hello, my father has passed and the family home is now in my mothers name. she is elderly now and we want to put the house in the four sons name as well as my mother. we would like to do it in 5ths. how do we do this. we don't want the state or any one to be able to take her house if she gets sick.
2 Answers from Attorneys
Re: mother and four son
Mother has to execute a deed granting a 1/5 interest to herself and each of the four sons as tenants in common. Or she grant herself a life estate with power of sale retained and a remainder interest to the four sons.
It's highly unlikely that your mother would lose her home to the state. If she must go on medicaid to cover long term health costs, she would be allowed to keep the home. Of course, if there is a mortgage and she can't make her payments, that's a different story.
You should understand that gifting all or part of the property to the sons has tax consequences, in that they would pay much more in capital gains tax if they sold the property upon her death than if they acquire it through inheritance. I highly recommend that you consult with an attorney who specializes in elder law for a broad discussion of these issues.
Re: mother and four son
Your father has passed and your mother is elderly but you do not indicate any other assets in your mother's name. Also I assume there is no health or long term care insurance for your mother. Based on these limited facts it may be in your mother's best interest to convey the property to the four children with her holding a life estate in the real property. Tax planning may also be involved. Kindly contact me so that further facts can be discussed. Time may be of the essence with regard to many decisions.
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