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#5
08-10-2004, 09:03 AM
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 Re: Tax & Suvivorship, California Paul M. White wrote: - quote - > I'm beneficiary to a will of a 75 yr. woman. We've not
A home (in 1999) for only $57K in California? Where is that> married and been together 8 years. I'm 60,not related. She > purposely named and left her estranged daughter nothing. > They've had no contact for 30 years. Her will was signed, > witnessed and notarized in 98. Recently she notarized a > Living Will for Advanced Healthcare. Her home was purchased > in 99 for 57,000. Now it's valued at 180,000. As of this > date I estimate her estate 220,000, more or less? Tax & > Probate wise, for her, for me, what would be the wisest > choice on, or before her passing? 1. Wait, and Quit Claim > the house to me when we believe she's just about to die? 2. > Add my name to the deed now as Joint Tenant? 3. > Also would her estate be eaten up should she some day > require nursing home care. Her SSI monthly income is only > 734.00. She's not on Medicare but with Inter Valley Health > Care. Recently she almost died due to dehydration and not > eating for over a week. She said. "she'd rather die at home > than go to a hospital". Her doctor said she'd get her wish. > Paramedics determined she was mentally sound, therefore no > one could force to go. Fortunately 3 days later she fell & > cracked her head open. Paramedics then forced her to go. > She's home now and slowly recovering. Any suggestions would > be greatly appreciated. - Watts (or some other "inner city" high-crime area)? Even condominiums were generally $100k+ 10 years ago. If you can't afford an attorney, see if someone at the local legal clinic knows about the stuff that the other responses mentioned. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
08-05-2004, 08:48 PM
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| Re: Tax & Suvivorship, California "Paul M. White" <piano1944[at]hotmail.com> wrote: - quote - > I'm beneficiary to a will of a 75 yr. woman. We've not
Only question I will answer, is the only tax question you> married and been together 8 years. I'm 60,not related. She > purposely named and left her estranged daughter nothing. > They've had no contact for 30 years. Her will was signed, > witnessed and notarized in 98. Recently she notarized a > Living Will for Advanced Healthcare. Her home was purchased > in 99 for 57,000. Now it's valued at 180,000. As of this > date I estimate her estate 220,000, more or less? Tax & > Probate wise, for her, for me, what would be the wisest > choice on, or before her passing? 1. Wait, and Quit Claim > the house to me when we believe she's just about to die? 2. > Add my name to the deed now as Joint Tenant? 3. > Also would her estate be eaten up should she some day > require nursing home care. Her SSI monthly income is only > 734.00. She's not on Medicare but with Inter Valley Health > Care. Recently she almost died due to dehydration and not > eating for over a week. She said. "she'd rather die at home > than go to a hospital". Her doctor said she'd get her wish. > Paramedics determined she was mentally sound, therefore no > one could force to go. Fortunately 3 days later she fell & > cracked her head open. Paramedics then forced her to go. > She's home now and slowly recovering. Any suggestions would > be greatly appreciated. have, which is how to best structure the property. The best tax answer is to wait for her to pass away so that you will receive a higher cost basis. All other questions/issues require the advice of someone (usually an attorney) who specialized in elder care law. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
08-05-2004, 08:28 PM
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| Re: Tax & Suvivorship, California - quote - > I'm beneficiary to a will of a 75 yr. woman. We've not
I think you should contact an attorney in your area for> married and been together 8 years. I'm 60,not related. She > purposely named and left her estranged daughter nothing. > They've had no contact for 30 years. Her will was signed, > witnessed and notarized in 98. Recently she notarized a > Living Will for Advanced Healthcare. Her home was purchased > in 99 for 57,000. Now it's valued at 180,000. As of this > date I estimate her estate 220,000, more or less? Tax & > Probate wise, for her, for me, what would be the wisest > choice on, or before her passing? 1. Wait, and Quit Claim > the house to me when we believe she's just about to die? 2. > Add my name to the deed now as Joint Tenant? 3. > Also would her estate be eaten up should she some day > require nursing home care. Her SSI monthly income is only > 734.00. She's not on Medicare but with Inter Valley Health > Care. Recently she almost died due to dehydration and not > eating for over a week. She said. "she'd rather die at home > than go to a hospital". Her doctor said she'd get her wish. > Paramedics determined she was mentally sound, therefore no > one could force to go. Fortunately 3 days later she fell & > cracked her head open. Paramedics then forced her to go. > She's home now and slowly recovering. Any suggestions would > be greatly appreciated. advice. Estate laws vary by state and can be quite complicated. Bruce Raskin, CPA braskincpa[at]aol.com Small Business and Individual Tax and Accouting Services << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
08-05-2004, 08:28 PM
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| Re: Tax & Suvivorship, California Wait and inherit. Ask a tax professional about step-up basis (which means the value of the house will be its value at date of her death). If the house is gifted to you, you'll have a large taxable gain. The nursing home problem is something you'll have to get other advice on. Nan, EA in LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
08-05-2004, 08:09 PM
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| Re: Tax & Suvivorship, California piano1944[at]hotmail.com (Paul M. White) writes: - quote - > I'm beneficiary to a will of a 75 yr. woman. We've not
Get Married!!!! If your state recognizes common law> married and been together 8 years. I'm 60,not related. She > purposely named and left her estranged daughter nothing. > They've had no contact for 30 years. Her will was signed, > witnessed and notarized in 98. Recently she notarized a > Living Will for Advanced Healthcare. Her home was purchased > in 99 for 57,000. Now it's valued at 180,000. As of this > date I estimate her estate 220,000, more or less? Tax & > Probate wise, for her, for me, what would be the wisest > choice on, or before her passing? 1. Wait, and Quit Claim > the house to me when we believe she's just about to die? 2. > Add my name to the deed now as Joint Tenant? 3. > Also would her estate be eaten up should she some day > require nursing home care. Her SSI monthly income is only > 734.00. She's not on Medicare but with Inter Valley Health > Care. Recently she almost died due to dehydration and not > eating for over a week. She said. "she'd rather die at home > than go to a hospital". Her doctor said she'd get her wish. > Paramedics determined she was mentally sound, therefore no > one could force to go. Fortunately 3 days later she fell & > cracked her head open. Paramedics then forced her to go. > She's home now and slowly recovering. Any suggestions would > be greatly appreciated. relations, perhaps you are already in that condition!!!-  "Jack" - John H. Fisher - TaxService[at]aol.com Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html Where Ignorance is bliss, 'tis folly to be wise!= << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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08-05-2004, 07:50 PM
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| Re: Tax & Suvivorship, California Paul M. White wrote: - quote - > I'm beneficiary to a will of a 75 yr. woman. We've not
If so I'd take that will to an estate planning attorney> married and been together 8 years. I'm 60,not related. She > purposely named and left her estranged daughter nothing. > They've had no contact for 30 years. Her will was signed, > witnessed and notarized in 98. right away to determine if it were drafted correctly. Wills are not notarized in California. - quote - > Recently she notarized a
She should put the property into a trust, having you be the> Living Will for Advanced Healthcare. Her home was purchased > in 99 for 57,000. Now it's valued at 180,000. As of this > date I estimate her estate 220,000, more or less? Tax & > Probate wise, for her, for me, what would be the wisest > choice on, or before her passing? 1. Wait, and Quit Claim > the house to me when we believe she's just about to die? 2. > Add my name to the deed now as Joint Tenant? 3. beneficiary after she dies. - quote - > Also would her estate be eaten up should she some day
Counseling wouldn't hurt.> require nursing home care. Her SSI monthly income is only > 734.00. She's not on Medicare but with Inter Valley Health > Care. Recently she almost died due to dehydration and not > eating for over a week. She said. "she'd rather die at home > than go to a hospital". Her doctor said she'd get her wish. > Paramedics determined she was mentally sound, therefore no > one could force to go. Fortunately 3 days later she fell & > cracked her head open. Paramedics then forced her to go. > She's home now and slowly recovering. Any suggestions would > be greatly appreciated. Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
08-04-2004, 05:54 AM
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| Tax & Suvivorship, California I'm beneficiary to a will of a 75 yr. woman. We've not married and been together 8 years. I'm 60,not related. She purposely named and left her estranged daughter nothing. They've had no contact for 30 years. Her will was signed, witnessed and notarized in 98. Recently she notarized a Living Will for Advanced Healthcare. Her home was purchased in 99 for 57,000. Now it's valued at 180,000. As of this date I estimate her estate 220,000, more or less? Tax & Probate wise, for her, for me, what would be the wisest choice on, or before her passing? 1. Wait, and Quit Claim the house to me when we believe she's just about to die? 2. Add my name to the deed now as Joint Tenant? 3. Also would her estate be eaten up should she some day require nursing home care. Her SSI monthly income is only 734.00. She's not on Medicare but with Inter Valley Health Care. Recently she almost died due to dehydration and not eating for over a week. She said. "she'd rather die at home than go to a hospital". Her doctor said she'd get her wish. Paramedics determined she was mentally sound, therefore no one could force to go. Fortunately 3 days later she fell & cracked her head open. Paramedics then forced her to go. She's home now and slowly recovering. Any suggestions would be greatly appreciated. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| california, suvivorship, tax |
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