if they were in her husbands name and he died 5 yrs ago, who's name were they in when the transactions took place in 08? Was he sole owner or joint?
was it a community property state?
DRA was the draconian Medicad law that passed in 05 or 06. Traansfers of property and homes is frowned upon...
the key, which you seem to grasp, is that anything you want your disabled sister to have, must NOT be given to her. But instead be left in a trust (irrevocable needs trust) for her benefit.
Anyone in this situation should not assume that the phrase 'in trust' solves the problem. It does not. A...
1. two types of irrevocable trusts. a) self-funded b) third party funded
2. a snt is an irrevocable trust.
3. snt for under 65 yr olds have a payback clause. anything left at death pays back the state for the medical services etc.
4. he could possible have 2 trusts. see #1. But get an...
not really a good idea.
1. step up in basis. when they die, you recieve it with no taxable gain. If it's signed over (really gifted) then somebody has to pay taxes on the gain
2. so what if that wonderful brother runs over my cat. I love my cat. I'm gonna sue the living crap uot of him and get...
in
Sacramento county - unicorperated
April 2009 fire in side A of dueplex, totaled unit. side B damage was minimal
May 2009 permit is issued for side A. work valued at 80K
June 2009 permit is issued for side B. work valued at 13k
Oct 10 2009, I rent Side A. unaware of extent of fire...