transfering home
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transfering home
what are the steps to take when somone is in hospice and they want to transfer a
home in somebody name
Asked on August 29, 2017 under Real Estate Law, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Speak to an estate planning attorney--you may not be able to do this if the person's care has been paid for by Medicaid and/or if he has other debts, not unless he sells the home to someone for its fair market value.
1) As a general rule, transactions made to defraud creditors can be set aside and reversed: you can't transfer a home to a friend, a family, a trust, an LLC you own, etc. for less than market value, for example, just to protect it from creditors.
2) More specifically, Medicaid and the state health agenices funded by Medicaid can look to reverse any less-than-market value transactions made within 5 years of a person's death, if the person was in a nursing home, hospice, etc. paid for by Medicaid or similar programs.
When someone tries to "transfer," not sell, a home shortly before death, that therefore may be a transaction that can be reversed or undone. That's why you want legal advice before doing anything.
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