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Stephen J Spano
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Stephen Spano’s Answers

5 total

  • Grantee passed away Grantor has a life estate

    My father is living in a nursing home, when we placed him the house was Quit deeded to my brother. My divorced brother passed away this February leaving one son age 23 and no will. My nephew can not afford to take over the mortgage, taxes and oth...

    Stephen’s Answer

    The other attorneys are correct. You absolutely need the assistance of an elder law firm that is expert in the new MUPC (probate law), current Medicaid (MassHealth) regulations, estate recovery and creditor issues.

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  • How can an adult child of a 78 year old parent take legal action to have them committed to a home?

    Elder parent suffering from Diabetic Dementia & related Hallucinations exhibiting irrational & threatening behavior towards his wife. He has had her removed from all family holdings and now requires her to be in front of him whenever on the phone...

    Stephen’s Answer

    The other answers are correct in that you should seek out an attorney in Ohio. There are many excellent board certified elder law attorneys in Ohio that practice extensively in the guardianship ares. If you have trouble locating one, please let me know.

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  • My mom was told in order to place my dad in a nursing home she has to give up his pension and life ins before they will take him

    My mom is 80yrs old unable to take care of dad now he has many medical issues and she also has cardio problems the hospital told her she is no longer able to take care of him,but in order for him to be placed she has to give up his pension and lif...

    Stephen’s Answer

    With appropriate and timely planning your mother will be able to keep the entire value of your father's life insurance and may be able to keep the entire value of his pension. Work with her to locate a qualified elder law attorney to help her immediately.

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  • Will my mother have to sell her home in order to pay for my father to live the rest of his life in a nursing home?

    My 85-year-old father is presently in a rehab facility, recovering from surgery to remove a blockage in his leg. Before entering the rehab, he was not in very good health, but since entering four weeks ago, he has become much worse. He is now wh...

    Stephen’s Answer

    Both Sasha and Ed are correct. Your mother will not be forced out of the home. While a present emergency may not exist, failure to act very soon could result in problems for your mother and especially your sister, later, including the loss of the home. Prompt action may also be able to eliminate court involvement if your father has inadequate or no estate planning in place.

    Sincerely,

    Stephen Spano

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  • What kind of tax will I need to pay on the sale of this house?

    My Parents sold their home in MA to my brother and myself for $1.00. They originally paid $16,000 for it in 1953. This August, we sold the house for $150,000. At my mother's death in March 2012, the house was assessed at $180,000. There was als...

    Stephen’s Answer

    All the answers are good but the question itself is ambiguous. Did your father die as well? if so, was it before the house was sold? If your father died before the house was sold and if your mother died in March 2011 and if the house was sold in August 2011, then Ed Adamsky's response is the most correct. If all of the assumptions in my answer are correct, then, depending upon the agreement, which defines the extent of your mother and father's retained interest to possess, enjoy or retain the right to income to the property, then there is a claim that it would be subject to estate tax and therefore receive a step up in basis. Additionally, depending upon when they transferred it to yo and your brother there is a claim it is subject to section 2035 which brings transfers within 3 years of the death of the decedent back into the estate and again, possibly eligible for a step-up. Ad the other answers have indicated, you absolutely should retain a qualified professional and consider retaining on for a tax letter that can be submitted to the IRS at the time you file the returns (federal and state).

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