What are the ramifications if my parents put their home in my name and one of them passes away within 5 years or less?

Asked on February 25, 2012 under Estate Planning, Pennsylvania


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

Answered 8 years ago | Contributor

I am assuming here that you are trying to do a little estate planning and what you are worried about is having the transfer set aside in case they go on medicaid or in to a nursing home, correct?  Setting aside the transfer is the biggest ramification at the outset and all the ancillary punishments for what is deemed a fraudulent transfer.  Please seek help with this as there may be an alternative like a trust that would work.  Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.