Transferring Home Ownership to Family Caretaker My husbands parents have been…

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Transferring Home Ownership to Family Caretaker
My husbands parents have been wintering with us in NYS for nine years. We now think they are no longer able to use their PA home, and therefore will be with us all year from now on or until they need nursing home care. Would it be best to transfer ownership of their real property in PA to my husband, who has a 1990 General Power of Attorney in PA and also a 2002 Durable Power of Attorney in NY?

2 thoughts on “Transferring Home Ownership to Family Caretaker My husbands parents have been…”

  1. Re: Transferring Home Ownership to Family Caretaker
    First of all, if you in-laws are competent, then they ought to be making the decisions about the house, etc., to the extent possible. If they are not competent or suffer from diminished capacity, however, your husband’s options will depend largely on the language in the Power of Attorney (POA) document. For example, in order for an Agent to transfer real estate in Pennsylvania, the POA document must be notarized and it must contain a specific power authorizing the Agent to handle real estate transactions. Also, if the real estate is to be transferred to your husband as a gift, then the Agent must have very specific authorization in the document to give gifts over $11,000 per year.
    Aside from the question of whether your husband has the authority to execute the transaction, you also should consider, among other things, the effect that the transaction will have on the Capital Gains Tax, the Federal Gift and Estate Tax and the PA and NY Estate and Inheritance Taxes, and the effect on your in-law’s eligibility for Medicaid if they require nursing care down the line.
    To discuss the matter further, feel free to contact me by phone or e-mail.

    Bryant A. Boohar
    Charles W. Boohar, Jr. & Associates, P.C.
    32 South Pennell Road, P.O. Box 29
    Media, PA 19063

  2. Re: Transferring Home Ownership to Family Caretaker
    It would be best if your husband discusses with HIS parents, their desires with respect to planning for their future, without your input.

    If any property is to be transferred, to your husband, from his parents, it should Not be done via his POA, but by the independant actions of his parents. This is especially the case, where either of your husbands’ parents have other children or family members.

    Good luck,

    Phroska L. McAlister,ESQ

    Phroska L. McAlister
    PHROSKA LEAKE McALISTER
    116 West 23rd Street # 197 5th Floor
    New York, NY 10011

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