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Ask Loren Your Own Question
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 31984
Experience:  30 years of real estate practice experience.
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My parents want to sign there house to me it's value 170,000

Customer Question

My parents want to sign there house to me it's value 170,000 but if they have to go into nursing home will the nursing home put a lease on it
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Minnesota
JA: Has any paperwork been filed?
Customer: No
JA: Anything else you want the lawyer to know before I connect you?
Customer: No thanks so much
Submitted: 6 months ago.
Category: Real Estate Law
Expert:  Loren replied 6 months ago.

There will not be a lien, but there is a 5 yr look back with regard to asset eligibility. If they gift you a house and they need Medicaid for the nursing home the gift will delay the eligibility by pulling the value of the gifted house back into their estate.

It will not affect the title to the house. It will not be taken away from you.

Expert:  Loren replied 6 months ago.

Are you online with me?

Customer: replied 6 months ago.
Expert:  Loren replied 6 months ago.

If 5 yrs passes before either parent needs Medicaid, then it will not be an issue.

Expert:  Loren replied 6 months ago.

It is probably a good idea to sit down with an estate planning attorney before changing title on such a valuable asset as a home. There could also be tax implications from the change in title.

Expert:  Loren replied 6 months ago.

Did you have further questions? Have I answered your questions?