Posted on: 26th Oct, 2010 09:18 pm
What are the tax implications if my parents quitclaim their house (for purposes of avoiding future Medicaid liens being placed on their property) to their property trust ? Who pays future taxes on the property ? Would the trustee be responsible ?
Hi cscherz,
The trustee will be responsible for paying taxes for your parents' house. If the taxes are not paid on time, then the IRS can place a lien on the property.
Thanks
The trustee will be responsible for paying taxes for your parents' house. If the taxes are not paid on time, then the IRS can place a lien on the property.
Thanks