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

Answers:

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.


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