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.