If when I purchased my home I had my parents put in the mortgage/title, would I have to sell my home to cover nursing home expenses?

UPDATED: Dec 5, 2011

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If when I purchased my home I had my parents put in the mortgage/title, would I have to sell my home to cover nursing home expenses?

When I first purchased my home, I had my parents put on the mortgage/title since I was traveling a lot for work. They are in good health but are concerned that if they ever needed long term nursing home care, the house may be in jeopardy since they are on the title. I had a will written a few years ago, so them being on the title is no longer an issue in the event something would happen to me. If I wouldn’t lose my home, I’m not going to be concerned about it. If so, I can do a quick claim deed to remove them from the title as long as it doesn’t cause any problems with the mortgage.

Asked on December 5, 2011 under Real Estate Law, Florida


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Good question. If your parents are in title to your home where they did not contribute any equity for its purchase and have not paid anything for its upkeep and maintenance, then it makes no sense to have them on title if you are concerned about nursing care expenses and the possibility that the equity in your home may have to be used to cover such.

I recommend that you consult with a real estate attorney concerning this situation for title transfer back to you from your parents. You need to be aware that possibly any gift back to you exceeding $13,000 per year by each person could trigger gift tax issues with respect to your parents.

Most people are advised to get the home appraised and fractionalized interests in the property by the parents equal to $13,000 per year from each person would be transferred back to you by way of a gift deed where your parents' interests would steadily decline in the property you are writing about.

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