In most cases, when ownership of property changes this is considered a sale. Even if you are just being added as an owner. It is not as simple as filling out a form and it should NOT wait until the last minute.
The best thing to do is for her to sign a quit claim deed, deeding the property from her to both of you as joint tenants with right of survivorship.
But I would consult a local real estate attorney so you understand all the legal and tax ramifications of this transfer. There is also an issue of whether the property has a mortgage. Almost all mortgages have a due on sale clause which can trigger a call on the mortgage if ownership changes.
Finally, there is a medicare issue. If you are trying to protect the property from medicare, then its too late. The property would have had to be transferred 5 years before medicare/medicaid claims were filed.
|