My mother-in-law decided she wants to pay for some improvements to the condo we own (and she lives in). We'd like to pay for the improvements initially, for the tax benefits, and figure out some way to get reimbursed. But we're concerned about what would happen if she were to gift us the money and then have to enter a nursing home within the next 5 years. We're considering a mutually agreed-upon rental agreement -- does this sound OK, and does anyone have any other suggestions?
2 Answers from Attorneys
Medicaid planning is very complex and requires a private consultation with your mother. You are correct to be apprehensive about the gifting strategy and the 5 year lookback.
For the initial consultation we would need to know what your mother owns, and all of her income. We have an intake form that we send in a welcome package when you set up the initial consultation which is free to your mother.
Please call us at the number provided at www.legacylaws.com.
I echo the answer from Mr. Turza. He is very knowledgeable in this area of law.
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