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Financial Questions & Answers

Financial Questions & Answers

Question:

I’m thinking of adding my sons to the deed on my home for my living trust will. If I do, will my home be protected if I should go into a nursing home or can it still be sold for expenses by the government (Medicare/medical)? Also, since I am on disability and don’t really need the deductions at this point in my life, once I do add my sons to the deed, can either one of them pay the taxes and claim the full property tax deduction? I know they can’t benefit from the interest because they’re not on my loan, but since the taxes are not in escrow and paid separately each year, can they claim the deduction as long as it’s agreed upon by myself and the others? -John

Answer:

It sounds as if you’ve done some estate planning, but now it seems like a great time to revisit your attorney or enroll the assistance of an elder law attorney to explore your questions. There are lots of implications (e.g., both tax and non-taxes, as well as both during life and after death) with respect to the steps you take today, and we think you’d be best served by finding an attorney that specializes in that area.