Legal Question in Real Estate Law in New York
Elderly Senior Living in own Home
What is the best way to advise my 84 year old mother regarding sole ownership of her home. We want her to be able to stay there but if medical needs arise is she better off to sell, living trust, add an additional name or sell to family member?
1 Answer from Attorneys
Re: Elderly Senior Living in own Home
I recommend a conditional transfer to my clients. This takes the house out of her name for medicaid purposes, preserves the stepped-up value for estate tax purposes and gives Mom the right to revoke the transfer at any time prior to her death.
Contact me directly for any additional information.
This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns. Additional facts could affect the answer given.
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