[judymac]

I am thinking of my future concerning putting my house in my son's nmaeto prevent the state from taking my house if I were to go into a nursing home. I live in New Jersey. I believe the house must be in his name for 7 years. Would it be better if I just added him on the deed instead? Would that still protect the state from getting the house with medicare rules? Thank you, judymac

[JudyKayTee]

I would consult with an Attorney - this is a very big decision, not to be made lightly. There are several ways to accomplish this - I think joint names are dangerous because if your son ever experiences financial difficulties his creditors could lien against YOUR home.

[Fr_Chuck]

It has to be out of your name completely, but there can be issues unless you do it properly, agreed, really need a real estate attorney on this on

[excon]

Would it be better if I just added him on the deed instead? Would that still protect the state from getting the house with medicare rules? Thank you, judymac

Hello judy:

No. Sell it to him for a dollar. Yes, my friend Judy is right (the Padre too). Sunset year decisions are RIFE with risk. But, I think you're right in trying to save your assets for your children. Since, however, you only "believe" the 7 year rule, you should get CONFIRMATION from an attorney.

excon