this post was submitted on 09 Jan 2024
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Except my parents are in so much medical debt that I won't inherit anything. I would have loved to inherit my dads house but there's no way the bank won't just take it to pay off that debt and I definitely can't afford to buy it.
Are they going to live for a while?
Parents can gift their kids 17k/year tax free. They could gift you fractions of the house over time until you either own it outright, or at least you can keep the portions you DO own when they die.
That's assuming they own their house. Not sure how it works with mortgaging.
https://www.fastexpert.com/blog/selling-your-home-to-your-child-what-you-need-to-know/#:~:text=If%20your%20home%20has%20a,responsible%20for%20paying%20gift%20taxes.
Read it and weep: https://www.payingforseniorcare.com/medicaid/look-back-period
Just need to stop transfers 5 years before you apply for medicaid. Easy peasy, lol.