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submitted by /u/jjv_7
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Conflicting Advice: Need To Sell My Mother's House Without Impacting Her Medicare
TX
I'm trying to prepare for my mom's future medical care. My mother is considering selling her house to create a nice nest egg in her last years as it becomes more difficult for us to pay the taxes on it yearly. My mother has a Medicare Advantage Plan (Part C). She has not worked for the past 15 years. She lives with my sister.
I've reached out to some friends and received some conflicting advice:
- If my mother sells her house, it will have zero impact on her Medicare coverage.
- If my mother sells her house, it could potentially impact her coverage as it would be based on 1031 exchange rules given a 3-month window.
- My mother should deed over the house to me to avoid any issues.
- We should create an LLC, deed the house over to said LLC, and create an irrevocable trust to avoid tax issues.
My questions:
- Who can I talk to to get some help? Surely, this hasn't been the first time a scenario like this has happened? Do I need a real estate lawyer? Do I need an elder care lawyer? Do I need a CPA? All the above?
- Is there someone from Medicare that can talk about the tax and coverage implications?
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