Should my elderly parents transfer title to their home into my name in case they have to go into a nursing home?

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Should my elderly parents transfer title to their home into my name in case they have to go into a nursing home?

Should my elderly parents transfer title to their home into my name, in case they have to go into a nursing home or have huge medical bills? In the past hasn’t this been a practice of having to sell their home and possessions to satisfy the debt?

Asked on February 7, 2012 under Estate Planning, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You are doing some financial planning. This is a good thing.  You need to go to a professional for it. What you need to be concerned about is what is known as a medicaid "look back" period, meaning that transfers to another party are reviewed by medicaid if made within a certain number of years of transfer. 5 years I believe to be exact.  Discuss with the planner a trust for the benefit of your parents as another option with the house a part of the trust.  Good luck. 


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