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September 30, 2008
Removing a Need from a Deed
My parents and I bought a home together approximately 17 years ago.
They are now elderly, is it best to take my name off the deed, so that their taxes can be lower. Need advise soon.
Many thanks all.
Comments
Your parents can qualify for lower Real Estate Taxes.
Lookie here, I'm too lazy to the rest..
http://www.nyc.gov/html/dof/html/property/property_tax_reduc_taxreductions.shtml
The What
Someday this war is gonna end...
Posted by: what at September 30, 2008 6:34 PM
You should take their names off the deed immediately. If they ever get sick and need Medicaid, the gov't will be able to make a claim against the house for repayment.
Posted by: mariano at September 30, 2008 8:23 PM
Medicaid will not take ones primary residence.
Posted by: Susan Elkins at September 30, 2008 8:32 PM
medicare wont take a primary residence, but they will place a lien upon the property.
The best solutions I am aware of are transferring assets with enough advance notice to avoid scrutiny or a health care trust.
Posted by: slick at September 30, 2008 8:46 PM
"medicare wont take a primary residence, but they will place a lien upon the property."
No you fucking fucktard! Just put the house in a trust. Get a lawyer to help you and please don't listen to the Asshats!
The What
Someday this war uis gonna end..
Posted by: what at September 30, 2008 9:29 PM
Brownsville: I think this is a much bigger question than the one you're asking, and that you and your parents would do well to speak to a good trust and estate attorney (not easy to find). At minimum you should examine your own taxes and expenses, as well as your parents'. Lowering your parents' taxes might be the least of what needs to be attended to. Things to consider: What was the value of the house when you bought it, and what is it's value now? What are your parents' medical expenses and what can you anticipate for the future? Do you or they have the funds to pay their current health care expenses or to pay for long-term care? Have your parents written a will? If so, when was it last updated and who has a copy? How well organized is their record-keeping? Who did they name as executor, and is that person still a good choice? Do you have siblings, other family members, or other parties who should be consulted in the current decision or who will figure in later outcomes?
What: How about OP sends her parents over to wash your mouth out with soap, something your own parents apparently overlooked? While OP's parents submerge you in a ritual cleansing, maybe she'll have a chance to consider genuine responses without being assaulted by your foul-mouthed, negative-attention-seeking, depraved rants.
Posted by: vinca at September 30, 2008 11:27 PM
I want to thank everyone for their help - much appreciated.
Vinca - I agree with you - it's very hard to find a trust and real estate attorney. Their fees are pretty steep. If anyone knows of one, please let me know.
Again, thanks guys.
Posted by: Brownsville at October 1, 2008 7:40 AM
My lawyer is excellent on real estate, trusts & estates.
David Fainkich
david@dfainkich.com
tell him I recommended you
the What is correct...get a trust
Posted by: daveinbedstuy at October 1, 2008 8:46 AM
I noticed a distinct chill in my office a few minutes ago. Now that I see DIBS seconding what's advice, I realize it must be hell freezing over. Can't speak to a trust -- not my area -- but definitely consult with a T&E lawyer who can help you think the issues through.
Posted by: slopefarm at October 1, 2008 12:08 PM
To susan elkins
I heard that medicaid gets reimbursed after death from the sale of the recipients residence.
Please double check what people tell you. it is a tricky complicated subject.
Try an elder care lawyer for advice.
Just be careful which one you pick.
I wish you the best of luck.
Posted by: Ysabelle at October 1, 2008 12:15 PM
Medicaid and medicare are separate entities.
Posted by: Ysabelle at October 1, 2008 12:17 PM
Put the deed under your name as the only owner of the property and let your parents live in the house the way they always did.
It is called a life estate and it is written in the deed as such.
What you can do is research the subject on the internet.
Look up an attorney named armand buddish. He is an elder care law specialist who donates his time to various senior causes. I am not sure of the spelling of his name.
You can also research it on AARP the senior citizen group. They are on the internet.
Before you throw money away from bad advice on brownstoner.
Believe me this is an important subject that affects everyone eventually.
In order to effectuate the transfer of assets with no penalty it has to be done way in advance of the fling of medicaid.
It could be minimum of 5 years or more, I am not sure.
Posted by: Ysabelle at October 1, 2008 12:35 PM
Brownsville: One very important thing I forgot to mention is a medical directive. In case no medical power of attorney yet exists, you can begin that conversation with your parents by using: http://www.agingwithdignity.org/5wishes.pdf
If you post an Email address or other way to reach you, I will send two attorney recommendations.
Posted by: vinca at October 1, 2008 1:41 PM
Medical directives and living wills can be done with no attorney. The forms are self explanatory.
google lving will ny and google medical directive ny.
All the forms are available free of charge on the internet.
You will find instructions with the forms that are in simple english.
Posted by: Ysabelle at October 1, 2008 2:45 PM
God, you guys are great......
Posted by: Brownsville at October 1, 2008 3:17 PM
Vinca:
You can reach me via email at BigBlackpants@aol.com with your attorney recommendations.
Many thanks
Posted by: Brownsville at October 1, 2008 3:28 PM
You need advice, not advise.
Posted by: diego at October 1, 2008 3:54 PM
Brownsville: I just tried to drop a line to your Email address. It was returned to me as undeliverable. "Remote host said: bigblackpants at aol.com - 550 MAILBOX NOT FOUND [RCPT_TO]"
Posted by: vinca at October 1, 2008 4:11 PM
Diego - you are correct - 5 wet noodle smacks for me.
Also correction on email address: Bigblackpants5@aol.com
Posted by: Brownsville at October 1, 2008 4:11 PM
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