Posted on: 30th Jan, 2010 08:27 pm
hi i have a question... my god father is at the point where he is possibly going to have to go to a nursing home. he has the following assets.. $35,000 in the bank, a home valued at $135,000 and a 120 acre farm valued at $150,000. years ago he appointed a power of attorney to a nieces husband. he has a will. the will says i get the farm and any debts to the estate will be paid through the sale of the home. the remaining funds go to the niece and her husband. this is my worry... if he goes in a home and becomes unable to make his own decisions... could the niece sell the farm first to pay for the nursing home fees. also... how can he legally transfer the farm to me now while he is alive. (he never marrried and has no children) is a quit claim deed the way to go? i believe the property was purchased in 1978 for $40,000. what is the best method to avoid taxes??? help??? thanks! :(
Hi,
The farm cannot be sold to pay for the nursing home fees since the will clearly states that the debts to the estate will be paid through sale of the home. But a will comes into effect after the death of the creator of the will. The niece's husband who has the power of attorney may sell the farm to pay the nursing home fees, given he has the legal right to do so.
If you want to get the title to the farm in your name, getting a quit claim deed signed by your father could be the best possible way. This can transfer the title in your name with immediate effect. Once the deed is notarized and recorded, your name will show up on the title to the farm.
The farm cannot be sold to pay for the nursing home fees since the will clearly states that the debts to the estate will be paid through sale of the home. But a will comes into effect after the death of the creator of the will. The niece's husband who has the power of attorney may sell the farm to pay the nursing home fees, given he has the legal right to do so.
If you want to get the title to the farm in your name, getting a quit claim deed signed by your father could be the best possible way. This can transfer the title in your name with immediate effect. Once the deed is notarized and recorded, your name will show up on the title to the farm.