Legal Question in Elder Law in Virginia

Parents Housing
Our parents purchased a condo about 4 years ago for approx $150,000 cash. Dad is 77 and has very bad dementia. Mom is 75, her health is OK not great. (just had 2 surgeries back to back and bouncing back is difficult) They both live in the condo having someone come in Monday thru Friday helping with meals, shopping etc.

They have 7 grown children all with spouses and children. We feel it is time for our parents to put their condo in our names so that the government or a nursing home cannot take it away. Two of the children live in same area (both with power of attorney - and/or) as our parents, the rest live outside the area. We all DO get along and want ONLY what is best for our parents.

What is the best thing for our family to do. They do get SS and have around $100,000 in bank. They are not rich, but can presently live comfortably. We are concerned that in the not to distant future it will be time to make a decision regarding dad as it is getting difficult for mom to deal with dad's dementia. We are not sure as far as legally what is the best thing to do and financially as far as taxes as some of their children hsmall children and forking out a large sum of money for taxes not is not an option.

Please advis

Asked on 4/07/04, 1:36 pm

Brian Miller Brian M. Miller, Attorney at Law

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Re: Parents Housing

Your question really asks for the expertise

of a financial planner more than an attorney. I believe

your idea of conveying the property to the children

sounds appropriate. In addition, you should make sure

their estate documents are current, including a Will,

Power of Attorney and Living Will (medical power of attorney).

You might also consider a Living Trust, though this is hardly

essential. Lastly, I think you should consider seeing a

financial planner to deal with the long term financial issues.

Answered on 4/07/04, 1:55 pm

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