Am I facing any tax consequences if my mother transfers title of her home and bank accounts to me to shelter it from potential nursing home costs ? Are there any other pros and cons about this ?
Asked on 7/24/15, 10:57 am
1 Answer from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
There are potential tax consequences for everyone in this situation. You should consider hiring an experienced estate planning lawyer to assist you with this. Texas has MERP (Medicaid Recovery Statutes) If your transaction is not structured properly, it will be a disaster for everyone.
Answered on 7/24/15, 11:02 am
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