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Reply to "Real estate & tax implications - elderly parent "
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[quote=Anonymous]Thanks PPs. She’s 88, has just the one son, and her husband died about four years ago. She did sign a POA years ago, but it needs to be updated as her son was primary and her late husband was secondary. So if anything happens to her son, there’s no longer a back up, and closest living relative after her son is NOT a trustworthy individual (think theft and fraud). For now, she has not been formally declared incapacitated, but she really does not have the capacity to make reasonable judgments about her care or financial decisions. She and her husband bought the house close to 50 years ago, so yes, there’d be a lot of gain. If her husband died 4yrs ago would she also get “credit” for the step-up of his half the property? If so, that would help a lot, but there would still be a pretty meaningful gain.[/quote]
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