Proceeds from mom's house

[Anonymous]

Anonymous wrote:Why would she pay any capital gains on the sale? Did the house go up over $500k in value?

My dad has passed, the $500k threshold applies to a married couple?

[Anonymous]

Sell the house and invest the proceeds in her name. Do not divide the money amongst the siblings.

[Anonymous]

Anonymous wrote:Mom in in her 80s, she will move in with a sibling within the next year. She has money ($400k+) for future medical care. Her house is worth about $500k. We'll take a hit on capital gains, around $20k. Does it make sense to invest the proceeds in her name; or divvy and gift most of it to her adult children?

I want to keep the money in her accounts, but not sure that makes the most sense for taxes, etc.

It seems premature to gift the money since she is still alive and may need assisted living, which is $12k a month.

Who will bathe her, help with toileting, buy the adult diapers and bed pads, cook for her, clean up after her (including accidents), give the twice daily medications, put the makeup on, and so on?

And do any changes need to be made to the house where she is moving to prevent falls?

How much does her health insurance cost?

[Anonymous]

Last year, we paid this:

$140,000 for assisted living (high level of care due to dementia)

$3000 medications

$2000 copays, vein scan, ER visit, etc

$2000 home fixes to sell the house

Plus:
Hospital bed — not sure of monthly fee
Movers

[Anonymous]

Put it in Schd, in her name….hopefully she won’t need it all but please giver her the option.

[Anonymous]

Literal theft to take the money

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's her money; keep it in her name.

Exactly. Plus there's a five year look back period for Medicaid.

This. She might need it for end of life care. She only has enough for 1.5 years or so of care. That would make me very nervous.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's her money; keep it in her name.

This! You can't give away her money - she might still need it for assisted living. $900k isn't that much money for end-of-life care. Do you have power of attorney over her assets? If so, you should be acting as a fiduciary, not as a beneficiary.

This

[Anonymous]

Wtf how is this even a question. It's mom's money! Let her spend it before she dies.

[Anonymous]

This thread is stressing me out for the moment

[Anonymous]

I can’t believe you’re talking about dividing up your mom’s (very limited) assets before she’s even elderly. Wtf?!?

[Anonymous]

Anonymous wrote:This thread is stressing me out for the moment

+1. As another poster said, WTF!
1. The sibling who is taking her in should have control of the money- to invest in care, save for AL, etc.
2. Other greedy siblings wanting to divvy it up now are disgusting.

[Anonymous]

It's her money and I would recommend she keep it. If she's like my Mom, she will burn through all of her savings, home sale and some of the kids' money on medical care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why would she pay any capital gains on the sale? Did the house go up over $500k in value?

My dad has passed, the $500k threshold applies to a married couple?

You can deduct any upgrades over the years... a new deck, a new roof, etc.

[Anonymous]

I will say it's insane you are having her move in with 1 sibling. Are you paying that sibling?

We put the money in an investment account. That was controlled by 1 family member and overseen by another.

I was responsible for my mom's care and home.