The Tax Consequences of Selling a Home After the Death of a Spouse

Q.  My husband died last year, and I am now considering selling our home and relocating to be closer to our daughter.  I am concerned, however, about the potential tax consequences when I sell. Can you provide any information on this point? A. Yes.  The biggest concern when selling property is capital gains taxes.  A capital… Read More »

Should We Sell Mom’s Home To Pay For Her Care?

Q. Our mother is in assisted living and may need to go into a nursing home soon. To raise money for her ongoing care, we are thinking of selling her home which is now vacant. Any thoughts as to whether that makes sense? A. Well, here’s the thing: selling mom’s home may undermine her ability… Read More »

Preserving Your Parent’s Low Property Tax on Trust Distribution After Prop. 19

Q. My mom owned her home for 25 years before she recently passed. Her trust leaves it 50-50 to my brother and me.  I would like to keep the home by purchasing my brother’s interest for cash, and he is okay with that.  Is there a way that we can do this without triggering a… Read More »

How the $1.9 Trillion ‘American Rescue Plan Act’ Will Help Seniors

Q, I know that Congress and President Biden recently approved a new law that adds significant money into improving vaccinations and other COVID-19 outreach, but I wonder what other provisions are in the new law that might help seniors. A. Good question. The AMERICAN RESCUE PLAN ACT of 2021 (“ARPA”), R. 1319, was narrowly passed… Read More »

Key Elder Law Numbers for 2021

To Our Clients and Friends: Below are updated numbers for 2021 that are frequently used in our Elder Law practice and which may be of interest to clients: Medi-Cal Spousal Impoverishment Numbers for 2021 The new Community Spouse Resource Allowance (“CSRA”) is $130,380. The Minimum Monthly Maintenance Needs Allowance (“MMMNA”) for the “At- Home” Spouse… Read More »

Preservation of Parent’s Low Property Tax Rate Soon to Be More Difficult for Children: Planning ‘Window’ Closing

Q.  I understand that the recently passed Proposition 19 on the California Ballot will make major changes in the property tax structure.  Is that true? A. Yes, indeed. California voters just narrowly approved Proposition 19, overhauling our property tax rules originally stemming from the passage of Proposition 13 in 1978. Most notable are the new… Read More »