How does the senior plan on paying for the nursing home care? If they are paying using a long term care insurance policy or through savings, the answer will be different than if they are utilizing Veteran’s benefits or seeking Medicaid (MassHealth in Mass) eligibility. Several people already mentioned that seeking the advice of an elder law attorney would be important and I wholeheartedly agree with that advice.
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Establishing your basis in the property for calculation of the gain from the sale will be important. Namely, whether or not the property received a stepped-up basis to fair market value on date of death will be critical. You mentioned that your mom lived in the property until she died. Did she reserve a life estate in the deed when she transferred the property to the four children? If not, did she continue to “possess and enjoy” the property after giving it to the children? If there is a...
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