Do I Owe Capital Gains on My Share of My Late Father’s Home?
My father left is house to us, with each of us getting one-third. My brother bought me out for my third, for $250,000. Do I need to pay taxes on that money?
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Ask a QuestionMy father left is house to us, with each of us getting one-third. My brother bought me out for my third, for $250,000. Do I need to pay taxes on that money?
See the AnswerMy mother is a 91-year-old widow and currently lives alone in her home. She has decided she doesn't want to be alone anymore. She wants to sell her home to my brother and use those funds as a down payment for a home that is large enough for me and her to live jointly. We would both be on the mortgage, as well as the ti...
See the AnswerWhat happens to credit card debt if one's only asset is a home, which was transferred at their death?
See the AnswerI am POA for my mother who is now in long-term care. I am currently occupying her condo and have assumed all of the bills. Am I able to take a home equity loan to improve the property and help catch up on bills she was delinquent on (like the HOA fees) without affecting her Medicaid status? The property is already sign...
See the AnswerMy mom had to apply for Medicaid to pay for long-term care after a stroke. I'm the beneficiary on her term life insurance policy, not the estate. Will Medicaid take her life insurance from me when she passes?
See the AnswerMy father-in-law is 91 years old, has dementia, and is diabetic. Due to his health care needs, his wife (my husband's stepmother) can no longer take care of him and wants my husband and his brother help care for him until a suitable care facility is found. She is willing to hand over his monthly retirement in order to...
See the AnswerI have an elderly lady who has dementia and cannot make her own decisions. Her nephew is her POA and placed her in a nursing home. However, her son, who does not have POA, took her out of the nursing facility, and now the lady is wandering and being picked up by law enforcement. Her nephew wants to place her again, but...
See the AnswerI recently moved in with my mom after my brother passed away. She is blind with the exception of a part of her periphery and has had several falls. She is forgetful sometimes and cannot cook or clean. She is able to get dressed and let her dog out. I found out today that my mom signed sales documents to sell our family...
See the AnswerIf a person lives in a group home and is able to care for herself with some basic assistance, are they allowed to date whomever they want without the guardian interfering?
See the AnswerMy mom and stepfather had a revocable trust. My stepfather passed away in August 2023, leaving everything to my mom. She made a change to the trust, leaving the house and all contents to me and my sister and not to my stepsister. Mom passed away this January. My stepsister, being understandably upset, is now asking for...
See the AnswerFind basic articles that clearly explain essential topics in the field of elder law, like Medicaid, Medicare, estate planning, and Social Security.
Learn More About EldercareNearly one-third of young adults don't have a budget, which creates a huge stumbling block for financial success. Give your children the tools they need to control their money instead of wondering where it went.
Read moreElder law attorneys understand the challenges of planning long-term care amidst the shifting care environment. Evaluating costs and developing strategies to pay for long-term care before you actually need it is crucial.
Read moreDownload one or more of our in-depth guides on elder law topics.
Get your GuideEvery state's Medicaid program is unique. We have collected the key eligibility rules for all 50 states and the District of Columbia.
Find Medicaid informationThough Medicaid exists to help those who need it, navigating the specifics of what it covers and does not cover can be daunting. Here are highlights on the basics of Medicaid coverage.
Read moreThanks to a new rule recently finalized by the federal government, obtaining and renewing health care coverage under the Medicaid program is set to become easier for millions of Americans.
Read moreIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MOREIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
READ MOREApplying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.
READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
READ MOREApplying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.
READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
READ MOREDistinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.
READ MORELearn about grandparents’ visitation rights and how to avoid tax and public benefit issues when making gifts to grandchildren.
READ MOREUnderstand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship.
READ MOREWe need to plan for the possibility that we will become unable to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.
READ MOREDistinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.
READ MORELearn about grandparents’ visitation rights and how to avoid tax and public benefit issues when making gifts to grandchildren.
READ MOREUnderstand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship.
READ MOREWe need to plan for the possibility that we will become unable to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.
READ MOREUnderstand the ins and outs of insurance to cover the high cost of nursing home care, including when to buy it, how much to buy, and which spouse should get the coverage.
READ MORELearn who qualifies for Medicare, what the program covers, all about Medicare Advantage, and how to supplement Medicare’s coverage.
READ MOREWe explain the five phases of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, the required minimum distribution rules, and more.
READ MOREFind out how to choose a nursing home or assisted living facility, when to fight a discharge, the rights of nursing home residents, all about reverse mortgages, and more.
READ MOREUnderstand the ins and outs of insurance to cover the high cost of nursing home care, including when to buy it, how much to buy, and which spouse should get the coverage.
READ MOREWe explain the five phases of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, the required minimum distribution rules, and more.
READ MOREFind out how to choose a nursing home or assisted living facility, when to fight a discharge, the rights of nursing home residents, all about reverse mortgages, and more.
READ MOREGet a solid grounding in Social Security, including who is eligible, how to apply, spousal benefits, the taxation of benefits, how work affects payments, and SSDI and SSI.
READ MORELearn how a special needs trust can preserve assets for a person with disabilities without jeopardizing Medicaid and SSI, and how to plan for when caregivers are gone.
READ MOREExplore benefits for older veterans, including the VA’s disability pension benefit, aid and attendance, and long-term care coverage for veterans and surviving spouses.
READ MOREGet a solid grounding in Social Security, including who is eligible, how to apply, spousal benefits, the taxation of benefits, how work affects payments, and SSDI and SSI.
READ MORELearn how a special needs trust can preserve assets for a person with disabilities without jeopardizing Medicaid and SSI, and how to plan for when caregivers are gone.
READ MOREExplore benefits for older veterans, including the VA’s disability pension benefit, aid and attendance, and long-term care coverage for veterans and surviving spouses.
READ MORE