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Barrister, Attorney
Category: Estate Law
Satisfied Customers: 38198
Experience:  16 yrs estate law, real estate. Wills/Trusts/Probate
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My husband and I are from NY now living in Texas. We have

Customer Question

My husband and I are from NY now living in Texas. We have a will written in NY and now want to make some changes. The most important change we want to make is to be sure our daughter owns our house. We were going to put that change in the will, but now I'm thinking of deeding the house over to her. We want to remain in the house for the rest of our lives. We have a mortgage on the house. We also have a son who is in full agreement with us as to our daughter owning our house. We gave him a substantial amount of money for the down payment on his house, so he is satisfied. How can we accomplish this transaction while we are still alive, avoiding a statement in a will that she is to get the house and maybe avoiding probate. Also,maybe not having the house in our name may be a way to avoid Medicare/Medicaid problems should we need a nursing home at some time.I am 72 ys old and my husband is 80.
Submitted: 2 years ago.
Category: Estate Law
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
If you wanted to get the house out of your name now, so as to make sure that you are past the 5 year Medicaid "lookback period" for eligibility, then you have a couple options..
You can go ahead and deed the property over to her directly now and that would start the clock on the 5 year lookback period for Medicaid. As long as neither of you applied for Medicaid for long term care assistance within 5 years of the transfer, it would be exempt.
The other option would be to put the house in an irrevocable trust and make daughter the beneficiary. That would get it out of your name right now as well and start the 5 year clock, but wouldn't give daughter legal ownership of it until you passed. You could reserve the right to use the property in the trust until you either passed away or until you moved to assisted living.
Either option would avoid probate because you would no longer be the legal owner of the property and the house wouldn't have to go through probate.