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Old 02-23-2015, 03:19 PM   #21
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Agree, talk to an estate attorney and get the best advice form a trained and knowledgeable professional in this area.

I think an easy solution is to just upgrade the MIL's will to be a revocable trust, and put the property in the trust. Then when she passes and your husband is the executor trustee, the house gets a new value based on date of death. The trust sells the house and proceeds split between the siblings per the trust's distribution instructions.
+1 Get a lawyer!
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Old 02-23-2015, 04:50 PM   #22
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If authorized in your state, a “beneficiary deed” bypasses probate, preserves the step up in basis for tax purposes, and protects the current owner against the liabilities of the prospective beneficiary.

For preliminary info on the states with this option, see:

States that Allow Transfer-on-Death Deeds for Real Estate | Nolo.com
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Old 02-23-2015, 04:56 PM   #23
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I agree that creating a revocable trust and titling the house in the name of the trust is an excellent idea. MIL can designate DH as the residual trustee and state how she wishes the trust's assets to be distributed.
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Old 02-23-2015, 05:06 PM   #24
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In NY we have something called a "Life Estate Deed". This is used to protect real estate from Medicaid claims. The current occupant has the right to live in, pay taxes, take care of the property. Upon death the "remainderman" gets the Title. This is irrevocable, unless all parties agree otherwise. By avoiding Probate court Medicaid can't claw back the property.
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Old 02-24-2015, 08:22 AM   #25
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In NY we have something called a "Life Estate Deed". This is used to protect real estate from Medicaid claims. The current occupant has the right to live in, pay taxes, take care of the property. Upon death the "remainderman" gets the Title. This is irrevocable, unless all parties agree otherwise. By avoiding Probate court Medicaid can't claw back the property.
Same in Maryland. My father-in-law assigned my wife as the remainderman for his home. They worked with a lawyer that specializes in elder planning.
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Old 02-24-2015, 08:25 AM   #26
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Saw this article today and though of this thread:

Quote:
Before the days of estate taxes, children simply moved into the family home and took over the master bedroom after their parents died. Unfortunately, it’s not that easy anymore.

There are several ways to give a home to your child. And a few are tax-free. But in order for the transaction to work properly, you’ve got to plan ahead. Here is a rundown of your options.
How to give your home to your children tax-free
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