a friend is trying to get information regarding transferring property owned by her mother who is unable to care for herself and getting to the point where she can not even be left alone at home and needs around the lock care. how would she go about doing this?
2 Answers from Attorneys
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If your friend's mother is still competent, she can execute a deed transferring the property to her daughter or adding her to the deed. However, the better plan would be to file a transfer on death affidavit so that upon the mother's death, the property would transfer to her daughter. That is a better plan of action due to the potential capital gains tax savings and the protection of the mother's property from the daughter's potential creditors. Given the facts you have set forth in your question, it would also be a good idea for your friend's mother to have a will and powers of attorney due to her declining health. If you need further assistance please let me know. www.socrateslegal.com