Can My Mother Buy a Life Estate in a New Home and How Will The Purchase Affect Capital Gains?

My mother has a life estate in her current house. She would like to sell her house and purchase a smaller home. All the parties are in agreement. Can she purchase a life estate in the new house? How does the purchase of the new home affect capital gains for the beneficiaries?

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How Do You Determine the Cost Basis of an Inherited Property If There Was No Appraisal?

If a property appraisal was never obtained when a parent died (2016), how can we determine the cost basis in order to calculate the capital gains taxes? Four siblings inherited the home and plan to sell it.

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Are Payments to Third Parties Subject to the Five-Year Look-Back Period When Applying for Medicaid?

Are payments to third parties subject to Medicaid’s five-year look-back rule? If I purchase item(s) for my child, but make the check out to a third party (i.e., check paid to retailer for appliances, to firm for landscaping services, to roofing company for new roof, etc.), are these also subject to the five-year...

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Does My Mom Need a New Power of Attorney If It Has the Wrong Addresses on It?

My mom has a power of attorney with both my brother and me named as agents. The power of attorney document lists our wrong addresses -- we have all moved since she first had it drafted. Is it still good?

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Can a Medicaid Recipient Keep Secondary Insurance?

Where do I go to find something about retaining secondary health insurance while a senior citizen is in a nursing home? Medicaid wants the money that we pay monthly for my 86-year-old mother-in-law's secondary insurance. The elder law attorney told us that we could keep that insurance policy in effect. I need somet...

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Do I Qualify for Medicaid's Caretaker Exemption If I Took a Six-Month Break in Caring for My Parents?

I would like to know whether I would qualify for the caretaker exemption under Medicaid rules if my parents transferred their home to me. I have been caring for my elderly parents in their home in New York State for more than two years. However, for a period of approximately six months I transferred them to an assisted...

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Can I Leave One-Third of My House to a Special Needs Trust?

I have three children and one is an incapacitated adult child. I would like to prepare a will that leaves my house to the three children but puts one-third of the house in a special needs trust to benefit my child with disabilities. Is this even possible? I believe a house (and other assets) can be left to an irrevocab...

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Do We Have to Report My Father's House on a Medicaid Estate Recovery Form If He Transferred It to His Wife?

My father went into a nursing home in Pennsylvania in December 2005. He immediately applied for Medicaid and had to cash in all his assets. His spouse was allowed to keep all her assets, their home, and one vehicle. In January 2005, my father transferred their home into his spouse's name only. My father lived in a...

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Should My Husband Switch From Medicare Advantage to Original Medicare Once He Is Approved for Medicaid?

I need to find out if I should switch my husband, who is in a nursing home, to original Medicare now that Medicaid has approved him for benefits. We have a Medicare Advantage HMO plan that covers his medications. Also, does Medicaid cover the same prescriptions as the Medicare Advantage plan? In New Jersey, Medicaid co...

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How Long Does It Take for An Estate to Be Settled?

My estranged father passed away in November 2016. I am still waiting for the estate to be settled. How long does this generally take?

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