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If a 90 y/o aunt cannot afford her mortgage/insurance/property taxes/HOA dues, can she QCD her house to her niece who is going to take care of these expenses? What are implications, i.e. IRS, Medicaid, etc? Thank you!
Gawd, a 90 yr old with a mortgage! I’m with Garden Artist on this needs to be dealt with first & foremost. Cause unless mortgage co is ok with what’s done & allows for others on the lending and title then whomever pays the mortgage could find themselves outside of any legal standing on the house as auntie could only transfer her equity share via the QCD and not full ownership. And mortgage Co won’t budge on changes to or transferring title unless auntie pays off mortgage in full while alive or property enters as an asset of Estate in probate and mortgage files a timed claim or they foreclose. There will be paragraphs in the mortgage agreement as to how any changes to the mortgage must be done.
There are are lots of old ? on this site regarding folks doing QCDs, you might want to read some of them for insight and varied opinions. To me, the tendency tends to be QCD are viewed as a easy, simple, needs no attorney way to transfer property. Yeah it can be but it transfers property without any guarantee of ownership. That only comes from doing a transfer via a Warranty Deed. WD are the gold standard for property sales and nowadays most lenders will not loan or move on a property that has QCD, TD, or Decree for ownership alone.
For your auntie, there’s the additional problem that she does NOT own her home outright. So she can only transfer in the QCD her current equity in the property which has to be determined.
I’m guessing that the niece is NOT planning paying Auntie her current equity share on the property. But instead the QCD is transferring what auntie thinks is her ownership to niece for zero and niece is then paying all future property costs. That’s it, isn’t it? If so, and Auntie applies for Medicaid, the QCD will place a transfer penalty on Auntie for a # of days based on the tax assessor value of the property on the date of Aunties Medicaid application. Say assessor has house at $100,000k value & your state Medicaid pays $165 a day room&board reimbursement rate. That’s basically 606 days that Auntie is ineligible for LTC NH Medicaid. The additional problem will be that Auntie is in a NH & impoverished in order to apply for Medicaid. So someone in the family will need to private pay for her stay. If not then she will be made a ward of the state with court appointed guardian. And they have wide powers to do whatever to get payment from anyone who may have taken advantage of Auntie as she can be viewed as a vulnerable adult. Getting home for zero falls into taking advantage. Stuff like this snowballs as APS, police get brought in..... you don’t want to go there.
If Auntie is at the cusp of needing to go into a facility, the days of doing anything creative for Medicaid planning has sailed imo. Although she can keep her home as an exempt asset under Medicaid rules, to me, having a mortgage & dealing with the requirements placed by mortgage makes it unfeasible. As she will not have any income to pay anything house due to Medicaid required copay to the NH. Niece can pay rent to her and in turn she uses $ to pay property costs. But rent counts as income for Medicaid and also there tax filings when your renting property, insurance issues, etc. It’s totally sticky.
Selling it, paying off mortgage and using balance to pay for her care & her needs might be best. If house is low value, after doing a preened funeral plan, new eyeglasses and hearing aids and dental work there may not be any $ left.
Seek the counsel of a certified elder attorney well versed in Medicaid laws. You can protect your investment if you do the paperwork correctly in advance.
Aunt will still be responsible for the mortgage payments, even if someone pays them. The only way she wouldn't be held responsible is if the mortgage was assigned to the niece through concurrence of the lender. And if so, the lender would more than likely require conveyance be by warranty deed, not a quit claim deed.
Is the niece in a position to accept responsibility for these homeowner costs?
I'm not sure what IRS implications you might be thinking of. Could you elaborate? Or are you thinking of the funds the aunt would receive for the property?
I'll leave the Medicaid issues to others more knowledgeable, but the first question would be whether or not your aunt is currently receiving Medicaid, or anticipates doing so in the near or long term future.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
I’m with Garden Artist on this needs to be dealt with first & foremost. Cause unless mortgage co is ok with what’s done & allows for others on the lending and title then whomever pays the mortgage could find themselves outside of any legal standing on the house as auntie could only transfer her equity share via the QCD and not full ownership. And mortgage Co won’t budge on changes to or transferring title unless auntie pays off mortgage in full while alive or property enters as an asset of Estate in probate and mortgage files a timed claim or they foreclose. There will be paragraphs in the mortgage agreement as to how any changes to the mortgage must be done.
There are are lots of old ? on this site regarding folks doing QCDs, you might want to read some of them for insight and varied opinions. To me, the tendency tends to be QCD are viewed as a easy, simple, needs no attorney way to transfer property. Yeah it can be but it transfers property without any guarantee of ownership. That only comes from doing a transfer via a Warranty Deed. WD are the gold standard for property sales and nowadays most lenders will not loan or move on a property that has QCD, TD, or Decree for ownership alone.
For your auntie, there’s the additional problem that she does NOT own her home outright. So she can only transfer in the QCD her current equity in the property which has to be determined.
I’m guessing that the niece is NOT planning paying Auntie her current equity share on the property. But instead the QCD is transferring what auntie thinks is her ownership to niece for zero and niece is then paying all future property costs. That’s it, isn’t it? If so, and Auntie applies for Medicaid, the QCD will place a transfer penalty on Auntie for a # of days based on the tax assessor value of the property on the date of Aunties Medicaid application. Say assessor has house at $100,000k value & your state Medicaid pays $165 a day room&board reimbursement rate. That’s basically 606 days that Auntie is ineligible for LTC NH Medicaid. The additional problem will be that Auntie is in a NH & impoverished in order to apply for Medicaid. So someone in the family will need to private pay for her stay. If not then she will be made a ward of the state with court appointed guardian. And they have wide powers to do whatever to get payment from anyone who may have taken advantage of Auntie as she can be viewed as a vulnerable adult. Getting home for zero falls into taking advantage. Stuff like this snowballs as APS, police get brought in..... you don’t want to go there.
If Auntie is at the cusp of needing to go into a facility, the days of doing anything creative for Medicaid planning has sailed imo. Although she can keep her home as an exempt asset under Medicaid rules, to me, having a mortgage & dealing with the requirements placed by mortgage makes it unfeasible. As she will not have any income to pay anything house due to Medicaid required copay to the NH. Niece can pay rent to her and in turn she uses $ to pay property costs. But rent counts as income for Medicaid and also there tax filings when your renting property, insurance issues, etc. It’s totally sticky.
Selling it, paying off mortgage and using balance to pay for her care & her needs might be best. If house is low value, after doing a preened funeral plan, new eyeglasses and hearing aids and dental work there may not be any $ left.
You can protect your investment if you do the paperwork correctly in advance.
Is the niece in a position to accept responsibility for these homeowner costs?
I'm not sure what IRS implications you might be thinking of. Could you elaborate? Or are you thinking of the funds the aunt would receive for the property?
I'll leave the Medicaid issues to others more knowledgeable, but the first question would be whether or not your aunt is currently receiving Medicaid, or anticipates doing so in the near or long term future.