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my sisters and I are POA for our mothers finances. She has dimentia and lives in a nursing home. She owns a house free and clear. We want to do a quick claim deed and put it in our names as a gift. Is this legal and what are the tax issues Gail

jameshogg · Posted: Thu Aug 18, 2011 7:54 pm Post subject:

Hi Kat,

In order to transfer the property to you and your sister as a gift, your mother will have to sign a warranty deed or a grant deed. If you have a POA on her behalf to take decisions regarding property matters, then you can transfer the property in your names. Or else, you need to contact a real estate attorney and take his opinion in this matter.

Thanks

jheard · Posted: Thu Aug 25, 2011 8:48 am Post subject:

jameshogg is correct. In addition, your mother may be liable for a gift tax for the non-exempt equity in the property. The gift tax exemption is $13,000. You may want to wait until she passes then transfer the property out of the estate. The estate tax exemption is over a million dollars which will allow you to transfer the property tax free. If the property is over $1 million you should consult with an estate planning attorney.

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