Legal Question in Real Estate Law in Ohio
my mother in-law just move into a senoir citizen building. She owns a home can she give the house to her son as a gift?
Asked on 9/06/09, 9:10 pm
1 Answer from Attorneys
Elizabeth Schmitz
Elizabeth S. Schmitz Attorney at Law
To answer your question fully you would need more details. Your mother-in-law can give her house away but she would have gift tax consequences and if she is trying to qualifying for any kind of government assistance the gift would affect that as well. Also depending on the sitaution it might be better to leave the hosue in her name so that your husband can acquire the house with a step up in basis.
You should consult an attorney who can give you more specific advice.
Answered on 9/06/09, 10:39 pm