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02-04-2012, 10:22 AM
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Donating 4WT Yakker
Join Date: Jan 2007
Location: Denver, NY
Posts: 8,097
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I have all of the papers for my will, dnr, ETC., ETC. I just hafve not wanted to sit down and do it! I also have to find out if I can transfer my house to Jessie, while still being able to have control over it. What if I want to sell it? I don't like the idea of anyone else having control over my stuff, but I will be 65. I am (Thank God!) very healthy, but everything has to be transferred 5 years before you end up with medical care bills. I'll only be 70 in 5 years, but yoou really never know. It's not like I'm only 55 anymore!
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Judy     |
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02-04-2012, 03:49 PM
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#2 |
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Moderator
Donating 4WT 18K Club Member 
Join Date: Sep 2006
Location: INDIANA
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Why not just gift it to her in your will. Not sure about other states, but we can gift up to one hundred thousand dollars before having to pay inheritance tax. So my brothers nor I will have to pay a tax. I know it's crazy for us to wait, but once everything is settled with Mom's estate in April, Rick and I are going to do our Will. Our attorney does it all at once, Will, POA and Medical Power (forget exactly what it's called). It's very possible with our 3 houses it could add up to over the tax amount, so we would have to gift it to him a little at a time or save it so it can be used to pay our living expenses in a nursing home which aren't cheap and if there is any left, it can go to him.
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To every thing there is a season, and a time to every purpose under the heaven. ECCLESIASTES 3:1 |
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02-04-2012, 05:28 PM
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Donating 4WT Yakker
Join Date: Jan 2007
Location: Denver, NY
Posts: 8,097
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It's not the taxes as much as going to pay for nursing home care, or whatever. If I don't have anything in my name, Medicare will pay. If I do, they will take my money first, then go into Medicare. I would much rather Jessie got the house than the nursing home.
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Judy |
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02-04-2012, 06:22 PM
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Donating 4WT Yakker
Join Date: Sep 2006
Location: Central Texas
Posts: 5,717
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Judy is right. If she has to go into a nursing home and doesnt have enough money to pay the monthly nursing home bill, Medicaid (not Medicare) will pay for it, if she doesn't have any other assets that could be sold to pay for nursing home care. If Judy still owned her home, then it would have to be sold and the money used to pay for the nursing home. When that money ran out, then Medicaid would pay. In order to keep the home, Judy would have to put the home in Jesse's name 5 years before money would be needed for a nursing home.
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 Gayle
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02-04-2012, 06:51 PM
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#5 |
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Moderator
Donating 4WT 18K Club Member
Join Date: Sep 2006
Location: INDIANA
Posts: 21,625
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oh yes....I knew that...duh me. There has to be away around all that...there is for just about everything else it seems.
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To every thing there is a season, and a time to every purpose under the heaven. ECCLESIASTES 3:1 |
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02-04-2012, 07:14 PM
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Donating 4WT Yakker
Join Date: Sep 2006
Location: Central Texas
Posts: 5,717
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You would think there is a way around that, but other than giving the house to Jesse right now, I don't know of any - but there might be.
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Gayle
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02-07-2012, 11:52 AM
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#7 |
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Moderator
Donating 4WT 13K Club Member 
Join Date: Sep 2006
Location: Kansas
Posts: 16,069
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That's the way it is here too. I know that it stinks but before people are put on the state they should have to use their assets first. I don't like that idea especially if it were my Mom or family member but that is fair. I think that deeding over your house and assets ahead of time is a good idea if you want to leave things to your kids.
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