QUESTION
Selling my mother's house to my brother. There is no mortgage. He wants to pay less than the tax assessed value of the land alone
Asked on Feb 18th, 2015 on Elder Law - New Jersey
More details to this question:
My mother has dementia & is in assisted living and I, her daughter, am her Power of Atty. I need answers about selling her house, would she have to pay taxes, what to do with the money once I get it. I had a SNJ Certified appraiser do an appraisal of the house & property & I will get the report within 2 wks. It is the only house she has ever owned and would be the first house she has ever sold.
1 ANSWER
2 Awards
You need to be very careful in this sale. If at some point your mother runs out of assets and requires Medicaid, she will not be eligible unless your brother has paid fair market value for the house. If he does not, the sale may cause your mother to be ineligible for Medicaid, or for a penalty period to be imposed. You should have him pay the fair market value.
Answered on Feb 18th, 2015 at 9:29 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship