Northfield, NJ Estate Planning Law Firms & Lawyers

Medicaid does not "take" your home.  You need to be able to pay for the care that you are receiving.  If you are in a skilled nursing facilty, and are not likely to leave there, then the home is sold and the proceeds are used to pay for your care as the care is being received.  No one "takes" the home.  If your assets run out, and you still need care, then Medicaid will be available to pay for the care.  You should not worry about protecting your assets as much as you  should worry about having enough assets to provide the care you need in the setting that you want. 

First you have to look at the total value of the estate.  Estate tax is imposed on estates with a total value over $675,000.  You look at all of the assets in the estate and then deduct certain costs and expenses like funeral costs, attorney's fees, etc.  If the total amount remaining after the deductions is over $675,000 then you will pay tax.  If you become a joint owner of the house, then when you sell it you will pay capital gains tax on the difference between the sales price and the price your mother bought the house for in the 1980.  Balancing those two taxes out, I would say leave the house in mom's name and pay the estate tax - its less than you will pay in capital gains.  You will not pay inheritance taxes because you are Class A beneficiaries as children of the decedent.