Real Estate Sale Strategy

Summary

Consider setting up a trust or escrow account to manage the sale proceeds of your house. This can help defer taxes and manage funds effectively. Consult a tax advisor to explore ways to minimize tax implications. A Special Needs Trust (SNT) can hold funds without affecting your eligibility for benefits like Medicaid and SNAP. Alternatively, a Spend Down Plan can be used for approved expenses, reducing assets to maintain benefits eligibility. Ensure any holding agreement clearly outlines terms for loan repayment and fund management. For personalized advice, consider consulting a local attorney.

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I'm trying to set up an arrangement to sell my old house. A family member was planning to do it. Before i sign it over to them to sell i would like a holding agreement in place. They were going to take a portion of the sale to pay off a prior loan. The rest will have to be held somewhere, somehow as tax free as possible. How to do that in a way thatvis in my interest? I have no income, im disabled & rely on benefits to survive.
Hey ****! Here's some general legal information that might help you:
- Consider creating a trust or escrow account to hold the sale proceeds. This can help manage the funds and possibly defer taxes.
- Consult a tax advisor to explore ways to minimize tax implications.
- Ensure the holding agreement clearly outlines terms for loan repayment and fund management.
Would you like to connect with a local lawyer who can provide more personalized advice?
What exactly would be the best way to handle this while still retaining control over funds left over from the sale? They will effect my benefits. I'm dependent on snap & medicaid.
To manage the sale proceeds while maintaining your benefits, consider these options:
- Special Needs Trust (SNT): This trust can hold funds without affecting your eligibility for benefits like Medicaid and SNAP.
- Spend Down Plan: Use the funds for approved expenses, reducing assets to maintain benefits eligibility.
Would you like assistance connecting with a local lawyer for personalized advice?