my grandparents currently own a home in Iowa with there two names on the mortgage and deed. They are considering adding my mother to each. Will they need to deal with gift taxes to do that? or are there any negative aspects to the idea?
Asked on 11/23/10, 8:46 am
1 Answer from Attorneys
Robert Luedeman
solo practitioner
If there are significant liabilities it would be unwise for your mother to be added to the mortgage and deed. If the intent is to defeat Medicaid by giving the house away, the grandparents will have to live five more years.
Answered on 11/30/10, 1:09 pm
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