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Sharing with Mother |
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My mother is selling her home and giving my brother and family a large sum of money for the deposit on a home they will share. She would like her name on the deed. They say they cannot put it, as they would be stuck with taxes if she should pass away or even hit with medical bills if she should take ill. Can you offer any advice in this area? Thanks. |
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I don't know of any taxes that would be due when your mother passed away, unless her estate would total more than --as of this year -- two million dollars. (That's federal, I don't know the PA limits.) Only your mother's share of the property could be burdened with liens for her health care, not her co-owners' shares. Their best bet is to go together to a lawyer who specializes in estate planning, to discuss the whole matter and perhaps get advice on other ways to be fair to everyone. |
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Edith
Originally published on July 24, 2008 |
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