Posted on: 12th Nov, 2011 06:17 am
My mother passed away 1 year ago. Before she passed, we did a quitclaim deed to sign the condo over to me. Realizng it was a bad move because she was on medicaid, we switched it back to her name. If she was exempt prior to the deed being changed is the property still considered now that she has passed? Is it safe from creditors?
Thanks
Thanks
Hello Zina,
It has been passed to achieve the public policy objective of providing lodgings where the family can peacefully reside irrespective of financial adversities. These laws are predicated on the theory that preservation of the homestead is of greater significance than the payment of debts.
Property tax exemptions, for all or part of the tax, are also available in some states for homesteaded property. Statutory requirements prescribe what must be done to establish a homestead.
:idea:
It has been passed to achieve the public policy objective of providing lodgings where the family can peacefully reside irrespective of financial adversities. These laws are predicated on the theory that preservation of the homestead is of greater significance than the payment of debts.
Property tax exemptions, for all or part of the tax, are also available in some states for homesteaded property. Statutory requirements prescribe what must be done to establish a homestead.
:idea:
Hi Zina,
Due to the homestead exemptions, the property was safe from your mother's creditors. However, now that your mother has passed away, the homestead should be claimed by someone else in order to safeguard it from creditors. Nevertheless, it will be a better option to contact an attorney in this regard and sort out the matter.
Due to the homestead exemptions, the property was safe from your mother's creditors. However, now that your mother has passed away, the homestead should be claimed by someone else in order to safeguard it from creditors. Nevertheless, it will be a better option to contact an attorney in this regard and sort out the matter.
