My question involves real estate located in the State of: Colorado
First time post.
I have a slight problem I am hoping you can help me with.
Approx 5 years ago I started buying real estate. I bought them using my money but put everything into my mother's name. She has perfect credit. I now own 3 properties in her name that we have rented as well as one we live in.
My mother is not getting any younger. In fact I turned around a couple of times and she has landed in a hospital, three times in the last year. She is currently living with me and my wife. She has never taken any tax deductions at all on any of my properties.
We have deeds from her for when she passes away. She now wants to move in with my sister about 900 miles away. The altitude is lower and should help her breathing.
I want to get the properties out of her name before she moves.
I was thinking about adding something to the deed saying that I put up all the money and she has no financial interest in these properties.
Any suggestions would be greatly appreciated.
I know about the 3 year look back for nursing homes under Medicare.
I also know I probably should talk to an attorney. At this time I can not afford one.
Thank you for your suggestions.
Oh, I almost forgot. The properties have not really went up in value. We have maybe $15,000-$20,000 in equity total with the local market. My wife pays a bunch extra every month to pay them down quickly. She turns 30 year loans into 15-16 year loans. And one of the homes started out with a 10 or 12 year loan.
Anyway, thanks again.