Posted on: 24th Mar, 2010 03:10 pm
What is the easiest way to transfer assets (a house) from an ill parent to a child thus saving it from medi-cal recovery way down the road? Also how does one avoid a high capital gains tax because of the transfer. What if the child wanted to sell the house while the mother is still alive? How would she do that and protect it from medi-cal recovery?
Welcome tlnovack,
A ladybird deed will help you in transferring the property from an ill parent to a child. However, the child will be able to save the property if he stays in it. Before the transfer of the property, I would suggest the child to have a word with a local attorney who is an expert in the laws of your state and get his opinion.
A ladybird deed will help you in transferring the property from an ill parent to a child. However, the child will be able to save the property if he stays in it. Before the transfer of the property, I would suggest the child to have a word with a local attorney who is an expert in the laws of your state and get his opinion.