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Yes, this is legally possible AS LONG AS your community's bylaws or restrictive covenants don't require you to own the property you occupy or require a minimum age for the owner to be or prohibit rentals, etc. Thus, you should check on those issues with your association and determine if there is any restriction.
IF your community rules do not prohibit your children owning the property, there is still a 5 year look-back period for MEDICAID. This means that you'd have to transfer title and wait at least 5 years before applying for Medicaid in order to completely protect your property. If you apply before that time period expires, Medicaid could deny benefits until you cover the costs of your medical care equal to the value of the house.
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