What do we have to do to change the names on the deed to a house?

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What do we have to do to change the names on the deed to a house?

My mother currently has POA over my father who is in the hospital. My parents names are on all properties. My mother want to put her children names on the family home and properties to secure things if my father is placed in nursing home. Can the nursing home take his SSI and pension or properties if put in a nursing home? In doing this do this make all kids liable to any and all debts in the parents name? What is the most economical way of doing this?

Asked on June 27, 2012 under Real Estate Law, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Before your mother transfers any interests in real property of your father, she should consult with a Wills and trust attorney concerning estate planning issues and gift tax issues.

Under Internal Revenue Service guidelines anyone can gift $13,000 per year per person tax free. As such, your parents can gift you $26,000 per year tax free collectively.

If your parents cannot pay for the elder care of your father, the facility owed money could bring a legal action against your father for payment. Only the parents would be liable for the costs of the elder care.

I suggest placing the assets of your parents into a trust where inetersts in real property in a fractionalized amount equal to $13,000 per year per parent are transferred by gift deed after family property is appraised. As you can see, the above is complicated and this is why a Wills and trust attorney should be consulted.


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