My question involves estate proceedings in the state of: MA.
My mother's home is held in a life estate which was drafted in 1997,she can no longer live there safely and is residing in a nursing home. I am the trustee. I plan to sell her home. I have questions about handling the proceeeds and the tax consequences.
1. Can I use my mother's tax return and apply the $250,000 exemption for capital gains?
2.Are the proceeds of the sale attachable when I apply for Mass Health coverage to pay her nursing home expenses,this will be necessary in 18 months.
3.How much lead time should be planned when applying for Mass Health coverage?
Thanks in advance for any help you can provide.