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  1. #1
    Join Date
    Jun 2009
    Posts
    2

    Default Should My Mother Put Her House in My Name

    My question involves real estate located in the State of: North Carolina.
    My mother lives by herself in a house that is paid off and with no liens. Because she is on a fixed income, she wants to put the house in my name as this will increase the benefits she will be eligable for should she need to move into an assisted living home.
    What are the ramifications for both my mother and I for transfering the porperty into my name?
    What kind of taxes can I expect to incur upon transfer?
    Is this a good move, or is there a better way to accomplish the same thing?

    Thanks in advance.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    75,390

    Default Re: Should My Mother Put Her House in My Name

    If she's worried about needing public assistance within the next three to five years, she needs to be very careful, and should be talking to an estate planning lawyer who also offers Medicaid planning services.

  3. #3
    Join Date
    Jun 2009
    Posts
    2

    Default Re: Should My Mother Put Her House in My Name

    I'd like to hear from the experts from this forum, my mother is 70 years old and although in fairly good health, you never know what the future holds.
    I basically wanted to know if there was a way for her to transfer owneship to me or my siblings without us bearing the burden of gift tax.
    Thanks,

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