Posted on: 11th Nov, 2010 07:44 am
My mother who is 83 wishes to leave me her home when she passes away. Does either a quit claim or warranty deed with a life estate reserved for her allow her to keep her homestead exemption and property tax relief per the programs in Allegheny County, PA? She would not have the right to sell the home without my consent. - In PA, Act 42 can force a life estate holder to sell their home if they have the right to sell if they recover from the estate for medicaid - is that right? Would the home pass to me with stepped up basis or would I assume the home at her basis? Is it better to do it this way versus joint tenancy with right of survivorship?
Welcome cdevenyi,
Your mother can transfer the property to you with the help of a quitclaim deed maintaining a life estate for herself. Once the property is transferred to you, you can apply for a homestead in your name. As far as Act 42 is concerned, I think you should contact an attorney and take his opinion in this matter. He will guide you further.
Your mother can transfer the property to you with the help of a quitclaim deed maintaining a life estate for herself. Once the property is transferred to you, you can apply for a homestead in your name. As far as Act 42 is concerned, I think you should contact an attorney and take his opinion in this matter. He will guide you further.