My mother was diagnosed with terminal cancer and they need to sell their home to relocate closer to one of us kids several hundred miles away. As of now the assets of their home are safe from medical bills. If they sell their home and want to purch. a smaller one or rent what are the options of protecting the sale $$$ from medical bills. Please help on this one. Thanks
2006-12-23 01:04:06 · 2 answers · asked by acidburnmojo 1 in Business & Finance ➔ Personal Finance
Transfer the deed into one of the kids names and when they buy do the same.
2006-12-23 01:05:43 · answer #1 · answered by mrfoxhorn 5 · 0⤊ 1⤋
You should speak to an attorney or financial advisor about placing their assets into a living trust or some similar mechanism. If one or both are older than 55 they can already avoid capital gains taxes on the sale of the home. There are several trust vehicles that can accomplish the goals you've stated.
Very sorry to hear of your mother's illness.
2006-12-23 09:13:54 · answer #2 · answered by dem4six 2 · 0⤊ 0⤋