their whole tax situation has always been messy anyway, so they probably don't care; know she just told hub that their daughter's the one who got mom's money, just not sure when she got the last of it; 5 yrs. is the kicker, right?
Our POA states specifically that we can make investments and real estate transactions on behalf of my in-laws. Do consult with an estate attorney who specializes in elder care law, due to the five year rule for Medicaid. We had no idea of this rule, and it's a real burden now that one of them needs a nursing home. I have no idea why anyone will want to help their parents in the future due to all the tangled legal webs involved. The government will feed, house and provide medical care for illegal immigrants and refugees, but to hell with our own elders and their families, right?! 😤😩😭
It's simple. If the people needing care have assets, "the government" wants those assets to be used for their care. Many immigrants and refugees have none, but with help, will be able to get jobs, pay taxes and eventually be in the same position where, as elders, they may need to do just what we need to do now and use their assets to help pay for their care. As children, if our parents needed care, we would want to see to it that they get it somehow. Some may just need someone to manage their care, financial and otherwise. Others may need a lot more personal attention until it is too big to handle and more help is needed. How that is paid for will vary depending upon what assets are available. From my perspective, the government part is the safety net for when all else is exhausted--that same safety net for immigrants and refugees when they came here to try to have a life. Seems pretty fair to me.
I need to sell my mothers house which is in a Family Trust. My understanding is that she is the head of the trust and that the proceeds will become her assets s says the VA. Moms monthly cost for The Alzheimer care home that she lives has nearly doubled because I now have to pay for overnight wake staff for her. My guestions are 1. Do I need to tell the VA that I sold the home, are the proceeds still tax exempt since this was where she lived for 51 years. Due to the condition of the home we will only get about half of the value of it if we use one of the places that buys homes quickly. Her cost of care has gone up by $36,000 a year.
First of all, what state do you live in? Some states have homestead exemption laws for homes, such as Florida. Many states have different laws. If the home is in the trust, when you mother dies, you will be able to see the home WITHOUT GOING THROUGH PROBATE COURT if the trust was prepared correctly by the lawyer. You are not responsible for paying for overnight care. If Mom has assets, she can pay for that care. If she has no assets, she probably qualifies for Medicaid.
It becomes recognized as an asset of my mothers once it sold. Va has limits as to how much assets a person can have under the a&d benefits. There will be no probate everything is in a will. By my calculations mom will be close to being out of money to pay for where she lives by the nov. of this year if I do not sell the house.
Depends on the state. Some states require specific powers to transact business (sign a deed) for a specifically-referenced parcel of real estate. Also, in FL, deeds have to be witnessed by two people, so if you are signing a deed using a POA there, then the POA must also be witnessed by two people. The closing attorney will record the original POA at the registry of deeds. You will probably be required to sign an affidavit stating that your mother has not revoked the POA. However, ALL closing attorneys prefer a deed signed by the person and not by the POA. This raises the question of whether the sale is something she is aware of and agrees to. You're not supposed to use the POA to do something she does not want you to do. You are HER agent, not a free agent.
That said, I agree with everyone else who said consult an attorney. You may be making assumptions about your lack of planning opportunities.
Yeah, I agree that I will need to back to the lawyer who drafted the paperwork with my questions. No way do I want to get caught up doing something wrong because I was uninformed.
That said, I agree with everyone else who said consult an attorney. You may be making assumptions about your lack of planning opportunities.