Old  June 17th, 2018, 3:15pm     #1
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Best way to transfer deed/title of home to children
On the order of two different doctors, the time has come for my elderly father to move into either a high level of care assisted living or into a skilled nursing facility as he is such a fall risk. He's so sharp of mind - so this is difficult for him. However, he is listening to the doctors and knows this is the safest option. He gets a monthly military pension - but it won't cover the entire amount so he will dip into his savings, too. That's why Dad wants to start getting things out of his name in anticipation of getting on Medicaid, and get his affairs in order.

He wants to transfer the title of the house to myself and my siblings with the least amount of tax consequences to us. We are going crazy on which way to go, research is all over the place. So, hoping to hear from those going through this or have gone through it, first hand. What are the pitfalls or benefits.

We should have started this earlier so save his house from Medicaid reimbursement. So anyone with advice on that, chime in, too.

Should we be joint tenants with dad? Should he gift it to us? Or quick claim, etc?

Thanks for any advice.
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  Old  June 17th, 2018, 3:44pm     #2
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I'd say all states are different, so best to get advice from a professional.

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  Old  June 17th, 2018, 3:51pm     #3
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I strongly recommend getting competent legal counsel to explore all your options. with full understanding of your situation. It is my understanding that medicaid will look back up to five years prior to the need for nursing home care and determine whether fair consideration is received from any transfer of assets; there are only limited exceptions to the rule.

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  Old  July 9th, 2018, 12:39pm     #4
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Yes- I agree with awssm. Watch out if your father's names and you name are on the assets, too. Get those switched into your name or cash them out if your father has enough money to last for 5 years.

Your father is a wonderful man agreeing to go into an assisted living facility. Because I know an 84 year old who belongs in a nursing home digging her heals into her home, and spending her money on 24 hour care. She expected her 60+ hour working son who wife has Parkinson's Disease and her daughter who had a full blown stroke (1 hour away from Mom round trip) who has anxiety to pick up any of her errands and other chores.

Celebrate your father.
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  Old  July 9th, 2018, 3:16pm     #5
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As an attorney, I am telling you, you need to consult with an estate planning attorney, and if you can find one, one who is familiar with elder law and Medicaid planning. Every state and every situatiion is different. Pay now or pay later.

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  Old  July 26th, 2018, 9:11am     #6
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SallyKay is correct find an elder law attorney before you do anything-there is a 7 year look back
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  Old  July 29th, 2018, 9:38am     #7
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I thought is was a 5 year lookback. Anyone know?
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  Old  September 21st, 2018, 2:56pm     #8
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Quote:
Originally Posted by udalum View Post
I thought is was a 5 year lookback. Anyone know?
Depends on the state.. some are even less.

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  Old  October 23rd, 2018, 1:39am     #9
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It depends on the state and laws change often as well. When my mom had to be in an assisted facility, they looked back three years but if it was a trust it would have been five. This was in CA.
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