Question: Is it ever a good idea to transfer ownership of my home to my children?
Answer: NO! Never do that, and there are a number of tax, legal and Medicaid reasons not to do that. From a tax standpoint, you could significantly increase the taxes your children will have to pay when they sell the property after you die. During your lifetime, if one of those children gets sued or divorced, you could lose your home. From a Medicaid planning standpoint, the transfer of your home could disqualify you from having Medicaid pay for your nursing home if you run out of money. It is really important that you seek the advice of an experienced Elderlaw attorney before considering such a move.
-Attorney Jack N. Alpern, Esq.