Legal Question in Wills and Trusts in Massachusetts
My mother may be gifting me $200,000 from the sale of her house. I understand that I do not have to pay taxes on that money until after her death. She is 92. However, would that money be subject to Medicare recoupment if she should spend more time in a nursing home than she has funds to support?
2 Answers from Attorneys
If your mother gets medicaid benefits the gift will be used against her under the 5 year look back rule. If she pays for a nursing home for 5 years, then the gift is irrelevant.
I suggest you contact an attorney to discuss your options.
You should not ever have to pay taxes on your mother's gift to you. Your mother will, however, have to file a gift tax return. If your mother is anticipating the need for long term nursing care, she should not make any transfers of assets or property without speaking to an estate planning attorney.
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