I have poa of hers anyway to address all legal and medical I take care of her and pay all her bills so how do we go about putting the house and belongings in my nameor me buying the house and land for $1.00. She is alive and well just a few minor health problems in which she is in the hospital for now.
Social Security Lawyers
What a wonderful idea . . . . . for you. For your mother? Terrible, or at least very ill-advised. Before you allow her to complete such a gift, you must assist her into the hands of an experienced estate planning or elder law attorney, and you must insist on her hearing independent advice. This plan has very unwelcome consequences in tax liability and Medicaid eligibility.
Best wishes for an outcome you can accept, and please remember to designate a best answer.
This answer is offered as a public service for general information only and may not be relied upon as legal advice.
Medicaid / Medicare Attorney
As Attorney Sinclair indicates, such a transfer may have disasterous results for your mother. And for you, too, down the road. What happens if one of mom's minor health problems ends up becoming worse so that she needs long term care. The transfer of the house to you could result in her being disqualified for Medicaid right when she needs it. If she is able to stay at home and something happens to you, loss of job, sickness, financial problems, divorce, etc., she could end up being kicked out of her home. Remember bad things happen to good people. When you finally sell mom's house you could be hit with a higher tax bill. Do yourself and mom a favor. Go and see an elder law attorney.
Chapter 13 Bankruptcy Attorney
As pointed out by the other attorneys this might be a bad idea. In a comprehensive estate plan it might be a good thing or it might be a very bad idea that would wind up costing you or mom in the long run.
Your mom needs to consult an estate planning attorney. If all she is interested in doing is seeing to it that you get the house when she passes a simple will may be a much better solution from a taxation standpoint.
This answer does not constitute legal advice nor form an attorney client relationship. I am not your lawyer. If you have a legal issue in Tennessee you may contact me for a free consult.
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Elder Law Attorney
If you have any brothers or sisters, they may object to the transfer. Tennessee no longer has a state gift tax so there would be no gift tax on the transfer. HOWEVER, if your mother went into a nursing home and Medicaid was sought, any transfer of land or assets of any kind for less than fair market value makes the transfer subject to a five year look back period with ineligibility for Medicaid.
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