Legal Question in Wills and Trusts in Texas
My mother in law is 85 years old and in good health. She would like to sell her home to her adult grandaughter. If she sells the home on an owner finance to her grandaughter, will the payments made to her be subject to the look back rule in Texas? I know that the house would not be subject, as long as she sells it for a fair market price.Would the grandmother be able to continue to live in the home?
Asked on 12/03/09, 8:44 pm
1 Answer from Attorneys
Cheryl Rivera Smith
The Smith Law Firm
Yes. Contact an attorney. Doing something like this would jeopardize Medicaid eligibility (if applicable) as well as waste the tax benefit of inheriting the property at a stepped up basis.
Answered on 12/11/09, 2:59 am
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