Inheritance and capital gains tax

Patti · #1 Dec 28, 2005, 10:34 AM

My mother has suddenly changed her mind and decided to leave the house to the granddaughter. She bought her house in California for $8,900 in 1950. It has been paid off for 25 years. Value is now at $550,000 My question is can my neice just move in and keep the house without selling? Are there any taxes of any kind to be paid when my mother passes and how much? Right now the house is in a trust left to me. I worry about the what if's, if my mom gets sick and needs additional money, can I sell the house? Does she need to sign something first that says I can sell? My name is not on her house.

CaptainForest · Dec 28, 2005, 10:41 AM

The question you need to ask her is who has power of attorney over your mother?

If the answer is YOU, then if she gets sick, you can sell nay of her assets since you are in charge.

It does not matter who gets the house in the will, b/c as power of attorney, it is your job to use all assets in a way that bests helps your mother in there here and now.

Patti · Jan 8, 2006, 08:44 AM

Unfortunately, my sister and brother-in-law have power of attorney. My sister has since passed away, leaving the brother-in-law. He will not give anyone a copy of my mother's trust, including her. I assume this means I must go to the county of record and get one. My mother doesn't know if she gave them power of attorney over her medical needs. Is that a separate form?
Thank you for the information

CaptainForest · Jan 8, 2006, 12:22 PM

Take your mother to an attorney and have her draw up all new papers. New power of attorney papers should be drawn up.

If he won’t give HER the information, then he shouldn’t be in charge of anything.

Give someone else Power of Attorney, and Executor of the Will.

And also, has your mother considered a Living Will? As in the case of Terri Schiavo.



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