Legal Question in Elder Law in Massachusetts
elder law/estate plan
My father who is 72 and in good health is planning to buy my home for my outstanding mortgage of 240k as i am having a difficult time keeping up with mortgage on an investment property that has gone unrented and unsold for a year. He would like to somehow give it back to me or sell it back to or transfer to me as a paper transaction in a way that there would not be a gift tax for me on the 240k and allow me to take the tax deductions like condo fees, realestate taxes from my income as he take a standard deduction untill the market rebounds. Is this legal? If he purchases it in November is there anything that prevents him from selling it / transferring it back to me (or deeding it back to me) in January of 2009 so that this house worth 240k is back in my name and he is protected from a lien against going into a nursing home as i understand that there is a 5 year look back period.
1 Answer from Attorneys
Re: elder law/estate plan
This question is too complicated for a Massachusetts tax or real estate lawyer to properly answer via email. You need to contact a MA real estate lawyer. You can contact my firm.
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