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originallawyer, Attorney
Category: Estate Law
Satisfied Customers: 763
Experience:  8+ years of experience in writing wills and probating estates in a variety of ways.
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My parents want to transfer their savings account to me plus

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My parents want to transfer their savings account to me plus give me their home. Their home is paid for in full. How is the best way to do this?
The savings account is simple. You'd just need to accompany them to the bank and they would fill out the required paperwork to either cash it out and give it to you and you could deposit it in your own account, or put it in your name only.

As for giving you the home, they'd need to make a special warranty deed and deed you the home. You can either hire an attorney to draft the deed or there are several DIY sites that will sell the forms to you to be filled out and filed by you and your parents.

If they are doing this to avoid their assets being used for computation of Medicaid benefits, they should know that there is a five year look back where the government will look at the last five years of their finances to see if any extraordinary financial transactions have taken place. They can be penalized by having to wait before being granted benefits.
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