When some parents get older, they wonder if it is a good idea to transfer their house to one or more of their children. There can be many reasons they consider taking this action:
- They want to avoid Probate
- They want to help their child
- They worry they may need nursing home care
Before transferring your house, there are several risks that should be considered:
- Because if you don’t own the house, you could be forced to move out or find yourself living with people you hadn’t planned.
- The house could be lost your child’s creditors and you would be forced to move out and be homeless.
- Should your child get divorced, their spouse will end up owning part of your house.
- If you need nursing home care, and need to apply for Medicaid, and if it is during the Medicaid “look back period”, you would be “penalized” for the transfer, not qualify for Medicaid and experience serious financial consequences.
These are just a few of the risks of transferring your home. There are a few options that should be evaluated with an elder law attorney before transferring your house.
Please call our office at 636-288-3931 for a FREE, no-obligation initial conference,
to discuss the options that best suit your specific needs.
