Full question:
i would like to buy my elderly mother's home. she is 82 years old. house has been paid for. she is having difficultly paying for upkeep of house. i have two brothers and one sister.
- Category: Real Property
- Subcategory: Sales
- Date:
- State: Rhode Island
Answer:
Assuming your mother is the sole owner and has the mental capacity to sign a deed, she can sell her home to anyone she chooses. It's essential to consider the type of ownership involved, especially since you have siblings.
Joint tenancy is a form of co-ownership where two or more individuals own property together. In joint tenancy, if one owner dies, the surviving owner automatically becomes the sole owner. This arrangement avoids probate and can have tax implications. Each joint tenant must agree to sell or transfer the property.
Alternatively, tenants in common also share ownership but without the right of survivorship. Each tenant can sell or will their share independently, and upon death, their interest must go through probate unless otherwise specified in a will.
If your mother sells her home to you, be aware of Medicaid eligibility rules. Transferring assets for less than fair market value can affect her eligibility for nursing home assistance, with a five-year look-back period for such transfers (Deficit Reduction Act of 2005). Certain transfers, like to a spouse or a child under twenty-one, may not affect eligibility.
It's advisable to consult with a legal expert or estate planner to navigate these issues and ensure compliance with state laws.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.