My Mom's looking to buy a townhouse but wants to put it in my name. Any advice? - AgingCare.com

My Mom's looking to buy a townhouse but wants to put it in my name. Any advice?

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If she someday goes into assisted living is the townhouse her asset even though it is in my name?

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Please call Elder Law Attorney.
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You need an elder law attorney to answer that question.
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pamstegman is correct.
If you can read a crystal ball to know for a 100% fact that your Mother will not need a nurcing home or Medicaid within the next 5 yrs? By all means take the town home.
She can place the home into a trust for you.Again must pass 5 yrs.
What about placing both your names on the town home is that possible?
I know with safty deposit boxes with two different names on the box they can't touch it because, they don't know what or who's is who's.
You could buy the home from her but must be about the same amount or close to market value I think not for sure.
Here's what I was told may differ by State,
If it's the only home and you live with your mother.You lived with your mother for over a yr in the home. If you can prove you lived in the home over a yr.Medicaid wont touch the home because,child or sibling is and as been active in the home as co ownership so to speak. Don't pay attention to my advice
You need to talk with a attorney about this one.
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If she gifts you a townhome, there are serious tax consequences that kick in immediately with the IRS, so don't do it. IF she needs Medicaid within five years to pay for a Nursing Home, they simply won't pay for her after seeing she gave away large sums or gifts and depleted her assets. See and Elder Law Attorney! You would be better off to inherit the home that end up paying huge gift taxes!
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