How do I gift my house to my 2 adult children if we all live in different states?

How much will it cost. I am anticipating going into a nursing home after 5 years and I want to be eligible for Medicaid. Do we need an attorney. Do we have to be together to sign papers?

Asked on November 2, 2011 under Estate Planning, Indiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

It is always best to consult with an estate planner of some sort here in order to see the big picture.  You are wise to think ahead.  There are many things that you can do regarding the house, like create an irrevocable family trust and transferring the house in to it to try and protect it from being attached.   You could transfer it to them outright by executing a new deed and filing same.  But you may want to discuss the tax consequences to them on this as well. As for being in the same state, no, generally you can do all the planning your self in your home state.  You would be the one to execute the deed.  Good luck.


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