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There can be all sorts of legal and tax consequences when an elderly person transfers real estate both for the grantor and the grantee. Estate planning should be done years in advance. Real property needs to be out of an elder's name for several years before it is considered to be out of their estate for tax and medical benefit purposes.

You should seek the advice of an estate planning attorney as soon as possible before making such a transfer.

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Q: Can your grandmother sell you her house for a dollar before she enters a nursing home?
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