Posted on: 14th Dec, 2009 08:21 am
We live in MA, where an owner can gift a property to their offspring if they are a resident caregiver of 2 years' standing. I qualify for this gift, and my 92 year-old parent is willing to gift the house to me.
I have two brothers and three in the next generation, and the house has been partially gifted in a RE Trust.
First, is there a look-back period for this gift?
Second, if my parent gifts the property to me, can they still pay RE taxes and maintenance, deducting that from the $66,000 annual gifting allowed?
Third, is a Quitclaim Deed adequate here, or should I ask for a Warranty Deed?
Fourth, does the Deed need to be registered before this matter is irreversible? Would the Quitclaim or Warranty Deed, properly executed and notarized, hold up in court, even if it had not yet been entered at the Registry of Deeds?
Finally, please accept my thanks for the service you provide.
with Very Best Wishes,
John-o
I have two brothers and three in the next generation, and the house has been partially gifted in a RE Trust.
First, is there a look-back period for this gift?
Second, if my parent gifts the property to me, can they still pay RE taxes and maintenance, deducting that from the $66,000 annual gifting allowed?
Third, is a Quitclaim Deed adequate here, or should I ask for a Warranty Deed?
Fourth, does the Deed need to be registered before this matter is irreversible? Would the Quitclaim or Warranty Deed, properly executed and notarized, hold up in court, even if it had not yet been entered at the Registry of Deeds?
Finally, please accept my thanks for the service you provide.
with Very Best Wishes,
John-o
welcome cdk,
if your parent is on medicaid, then there can be a look back period and she may become ineligible for it. before the property is gifted to you, contact an attorney who is an expert in medicaid laws and take his opinion.
if your parents gift you the property, they will first have to remove the property from the trust. thus, if the property is not in the trust, they will not be responsible for paying the re taxes and maintenance.
if there is no mortgage on the property, then you can ask your parents to sign a warranty deed and transfer the property to you. if there is a mortgage, then they can sign a quit claim deed and you will have to refinance the loan.
once the quit claim deed is filled in properly, it will have to be notarized and recorded at the county recorder's office. once you do so, the deed will be considered as valid.
take care.
if your parent is on medicaid, then there can be a look back period and she may become ineligible for it. before the property is gifted to you, contact an attorney who is an expert in medicaid laws and take his opinion.
if your parents gift you the property, they will first have to remove the property from the trust. thus, if the property is not in the trust, they will not be responsible for paying the re taxes and maintenance.
if there is no mortgage on the property, then you can ask your parents to sign a warranty deed and transfer the property to you. if there is a mortgage, then they can sign a quit claim deed and you will have to refinance the loan.
once the quit claim deed is filled in properly, it will have to be notarized and recorded at the county recorder's office. once you do so, the deed will be considered as valid.
take care.