I also wanted to ask was, does she have to claim anything on her taxes if she does this quick claim deed to me with the life estate wording? Is this consider a gift and she has to pay taxes on it? They live in California and I do not know what the state exemption or what the federal exemptions are to give gifts and would this action count as one.
I read in the many bullentins that if in New York they have a state gift limits, and it would help a family that might need medicaid as to not loose the property if it was deeded over later they could not take it or part of it, should my grandparents need to go into a facility where they might need more help. Is this true does anyone know about the California laws of giving up your property in a Life Estate can they(the state) take it back later to get money back from you for them?
Confused on how this all works.