Legal Question in Wills and Trusts in New York
My parents want their home deeded to my brother and me. They will continue the mtg & tax payments and maintenance.They also own another home that my brother lives in and pays rent to them. They consider this "his" house. They are changing the deed for medicare purposes. Why change the deed? What will my liability become? The house is located in New York, in a planned community for seniors. I live in Virginia, married with a school aged child.
1 Answer from Attorneys
They are chaning the deed, most likely, to avoid the spenddown provisions that Medicare requires. There is a five year lookback period for the transfer of assets. Transferring the deed allows them to get the house out of their estate. There are some tax/gift issues that need to be addressed. I assume that they are working with an attorney. To determine your liability you should speak with a CPA or tax lawyer. I don't know the tax laws in VA, nor am I licensed in VA.
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
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