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Best way to transfer title to avoid tax or legal issues
Hello, looking for some solutions to a problem.
My Mother has MS, which is the reason I moved my family to be close to her to help care for her. My Father passed away in 2003, so she is alone. The problem is that she knows, as do I, that at some point in the future she will need full-time care in a private care facility. When someone goes to those places, or so I'm told, they acquire all the person's assets including their house to pay for their services. We would like to avoid them doing that. All property has to be out of her name for at least 5 years.
So here is the question, what is the best way to transfer title of her house to my name while avoiding any tax or legal issues? I was just going to do a quit claim but that would mean that at some point in the future when we need to sell the house, I would probably be hit with the tax burden from her cost basis. Right? Is there a better way to avoid this without paying thousands to open and put it in a trust? And would it matter if the trust is not in her name? I appreciae all tax and legal advice here.