Legal Question in Real Estate Law in Texas

Ingleside Property

An elderly person with no children (who has been a lifetime friend) would like me to have her house in exchange for my care for the remainder of her life. Is it best to will the house to me and how should that read; or should she sell it (cheap) to me now to avoid inheritance tax, etc. Also, her husband is still living in a nursing home with alzhemier's disease. She is legally married and claims to have power of attorney.


Asked on 8/05/07, 1:36 pm

2 Answers from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Ingleside Property

Your question only reflects the tip of the iceberg. If she gifts it to you, she may be forefeitting future medicaid benefits for her and her husband due to the 5-year look-back period. Neices, nephews, siblings may come out of the woodwork. Most people don't have an estate tax problem, but if she gifts it now, you would be forefeitting the stepped up basis of the property and exposing yourself to unnecessary capital gains, etc. Talk to a CPA, then talk to a lawyer.

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Answered on 8/05/07, 2:15 pm
Bruce Turner Bennett, Weston, & LaJone, P.C.

Re: Ingleside Property

I would need more information to give you an answer. Please come see me.

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Answered on 8/15/07, 11:02 am


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