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If he does realize that Medicaid is legally unable to take his house while he is still living, what's the deal with putting a house in Bob's name to protect it from Medicaid?
Is this to make sure Bob gets the house eventually?
There are processes that are done. Moving right along, thanks.
So now your mother's will has been verified and you are legally able to resolve this matter, what is your timeline?
From an earlier post, it appears that you have wisely decided that co-owning the house is not in your best interest. Since your brother wants to get his share of the inheritance/house in cash, it would seem that getting the house on the market is one of the first steps.
Mortgage rates going up. Housing market is cooling down in a many areas. Spring is often the best time to sell a house. So you may want to get moving on that.
Which, of course, means that your brother needs to secure other lodging.
Since the decision has been made that your brother is capable of handling his own affairs, this would be good practice.
Unless, of course, you have reasons to drag this out several more years.
If he does realize that Medicaid is legally unable to take his house while he is still living, what's the deal with putting a house in Bob's name to protect it from Medicaid?
Is this to make sure Bob gets the house eventually?
I guess so. IDK but today is funny. 'I want to sell now' he says. 'I have a buyer for 80K'.
I offered 40K. And then 50K. Silence. My good friend is a realtor and my Aunt was a realtor. They know what the house is worth. So does he. He's at it again.
In a hot market it doesn't have to be in good condition. My friend and I look at photos all the time and go OMG at the condition and the final sale price. It goes up everyday. It has gone up over 10K in the past 30 days.
He's not taking my offer, so I call shenanigans.
Anyway, to your point, he can inherit. He can sell, he can buy, he can rent, he can gamble in the stock market, he can spend on international dating services, the only thing he cannot do is TRANSFER ASSETS to someone else for 5 years. Whatever plans he has are stupid or lies. Any money to BOB unless documented carefully for caregiving or something else of proper value puts him in a position for NO care at all down the road.
I have to let this roll off my back. I will block messages if I have to to have a weekend off.
So now your mother's will has been verified and you are legally able to resolve this matter, what is your timeline?
From an earlier post, it appears that you have wisely decided that co-owning the house is not in your best interest. Since your brother wants to get his share of the inheritance/house in cash, it would seem that getting the house on the market is one of the first steps.
Mortgage rates going up. Housing market is cooling down in a many areas. Spring is often the best time to sell a house. So you may want to get moving on that.
Which, of course, means that your brother needs to secure other lodging.
Since the decision has been made that your brother is capable of handling his own affairs, this would be good practice.
Unless, of course, you have reasons to drag this out several more years.
Oh I see. You're here to criticize. I guess I will just let the thread die if that is all that is being offered. I am not trying to drag anything out beyond the legal things that must be done that do not happen after only 4 business days. That is how long it's been. 4 business days. There are laws and procedures that must be followed.
I guess so. IDK but today is funny. 'I want to sell now' he says. 'I have a buyer for 80K'.
I offered 40K. And then 50K. Silence. My good friend is a realtor and my Aunt was a realtor. They know what the house is worth. So does he. He's at it again.
In a hot market it doesn't have to be in good condition. My friend and I look at photos all the time and go OMG at the condition and the final sale price. It goes up everyday. It has gone up over 10K in the past 30 days.
He's not taking my offer, so I call shenanigans.
Anyway, to your point, he can inherit. He can sell, he can buy, he can rent, he can gamble in the stock market, he can spend on international dating services, the only thing he cannot do is TRANSFER ASSETS to someone else for 5 years. Whatever plans he has are stupid or lies. Any money to BOB unless documented carefully for caregiving or something else of proper value puts him in a position for NO care at all down the road.
I have to let this roll off my back. I will block messages if I have to to have a weekend off.
I sincerely hope that you will get a quick sale at a reasonable price. Your bro is crazy, but you have to let him
do his thing.
A 1031 exchange is not possible for a personal residence.
They have not owned it as their personal residence. It actually could be considered a newly acquired investment property. My suggestion was more about protecting brother by trabsferring his name as owner to another property.
I imagine next Bob will come up with a buyer who will want jencam & co to carry the paper.
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