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Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 37013
Experience:  30 years in civil, probate, real estate, elder law
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My father is 78 yrs he's wanting to remove his name from his

Customer Question

My father is 78 yrs he's wanting to remove his name from his home deed and leave me as owner so in case he has to go into nursing home what's the risks with this
Submitted: 6 months ago.
Category: Legal
Expert:  Ray replied 6 months ago.
Hi and welcome to JA. Ray here to help you today. Here is what I would suggest.A lady bird or enhanced life estate deed.This leaves him with life estate and it passes by deed to you here as remainderman upon his death.It avoids medicaid issues about gifting and no probate so they cannot file a claim here, it transfers by deed.These are recognized in Oklahoma. There is a 5 year look back if he flat out gifts it to you, which means he would be ineligible for up to 5 years as a penalty.The life estate avoids that issue . I t also keeps the taxes low since he is life tenant until he deceases here. Reference http://www.lawlesher.com/lady-bird-deed/ Form you will use https://www.sai.ok.gov/Search%20FormsPubs/database/TransferOnDeathDeed.pdf This is the best way to accomplish this and avoid medicaid issues if he needs nursing home care. I appreciate the chance to help you today.Thanks again.
Expert:  Ray replied 6 months ago.
You would have him sign the life estate deed here and file it in your county deed records.You will need to get the legal description of his prior deed.

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