Her gift of the property to you is taxable income. Are prepared to pay the taxes on that much income in a single year? There are better ways to transfer the property to you from a tax standpoint.
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Not sure how giving you property would be taxable income... but still not a good idea without consulting with al local elder law attorney. In Michigan, some counties monitor the "community spouse's" assets, while most do not. What that means is that in most counties, the authorities don't care if mom gives away the farm (until mom herself needs assistance, then it's divestment).
Bottom line, probably not a good idea, but consult with an elder law attorney pronto!
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Sometimes the question is not if you can receive property but if you can keep it. If your parents have creditors, then these gifts of property can be considered fraudulent transfers that creditors or a bankruptcy trustee could undo. Gift tax could apply to anything you receive over the applicable threshold. You need an estate planning attorney who can review these proposed transactions and give tax advice. Getting professional help now is cheaper than doing it the wrong way.
Your mom can give you the property, but it's important to structure this correctly. You should definitely find an estate planning or elder law attorney in your area.
First, you need to consider any long term care planning that may need to be done for your mother. If she goes into a long term care facility and seeks to obtain Medicaid benefits, there is a 60 month (5 year) look back provision for gifts. A gift of this much property to you would probably disqualify her from receiving Medicaid benefits for a length of time.
You also need to look at gift and estate tax implications. The current annual exclusion for gifts is $13,000.
I recommend finding local counsel to help you through this process. Good luck!