View Full Version : Changing deed of home
familyhome
Oct 21, 2008, 12:16 PM
My mother owns a home. She has a will and reverable trust. She is now ill and in a nursing home. She has 6 children and we want to protect her home. She does not want to sell it. She wants it to stay in the family. Will it protect her home if we change the deed on the house to only one of our names? She is also under prop 13. Will prop 13 change if we change the deed to a her child's name?
ScottGem
Oct 21, 2008, 12:34 PM
Changing the name of the home to a child's name is tantamount to selling the home. If she didn't get money in return it would be considered a gift to the child with tax consequences.
If she is already in a nursing home, then its too late as medicare looks back 3 years (I believe) to look for assets that were transferred to avoid this. I suggest you consult an estate planner for help.
smearcase
Oct 21, 2008, 08:16 PM
Scott is correct but the lookback period has been increased to 5 years. The County or whoever is administering the Medicaid may already have a lien on the property depending on how long she has been in the nursing home.
However, a good elder care attorney may still be able to save you some money.
Fr_Chuck
Oct 21, 2008, 08:19 PM
Yes as noted, it is too late to do deed charges after they are already in the nursing home.