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Is there a penalty for my mom transferring a property to me?

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melymarty911 Joined: 04 Aug 2009 Posts: 1 1.25 Dollars($)	Posted: Tue Aug 04, 2009 1:57 pm    Post subject: Is there a penalty for my mom transferring a property to me? Like 0 Dislike 0 My mom transferred a property to me as a gift in the state of Texas. Will this affect her benefits with medicaid? Is there a penalty? Thank you.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Aug 04, 2009 7:53 pm    Post subject: Like 0 Dislike 0 Hi mely! Welcome to forums! As the property was transferred to you as a gift, your mother will have to pay gift taxes for this transfer. However, there are gift tax exemptions as well. You can get more information about it from the following page: http://www.mortgagefit.com/gift.html#111114 As far as medicaid is concerned, there is a waiting period of 5 years. As your mother has transferred the property to you now, she won't be able to receive any medicaid benefits for the next 5 years. Feel free to ask if you've further queries. Sussane

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