If a 90 year old couple wants to sign over a house and land to their son thinking that SS will pay their nursing home bill, what are the laws concerning this?
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Brad Micklin / The Micklin Law Group
Answered 9 months ago
This attorney is licensed in New Jersey
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It is appropriate to transfer the house for tax and or estate planning purposes. It is considered a fraudulent conveyance if it is transfered to avoid having to use assets to pay for medical care.
There is a 5 year window in which a transfer can be reversed if it is found to be transferred to avoid Medicaid issues.
I would recommend you meet with the skilled estate planning attorney to ensure the transfer is appropriate and that you avoid the potential of it being considered a fraudulent conveyance.