How do I go about putting my property (land and home) in my son name, but maintain my right to it should it expire before? 19 Answers as of February 04, 2013

How do I go about putting my land/home in my son's name, but should he expire prior to me still retain it? I do not want the government to take it from him should I require help for a nursing home or other assistance.

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DOUGLAS A. TULL, P.C.
DOUGLAS A. TULL, P.C. | Douglas A. Tull
In Michigan, many estate planning attorneys are using a deed called a "Ladybird Deed" to do what you are talking about. This type of deed is a deed to yourself for life (a life estate) with the unfettered right to convey a fee interest, and upon death, if you have not conveyed the property, the deed names the person to whom it is to go (essentially a contingent remainder beneficiary).
Answer Applies to: Michigan
Replied: 2/4/2013
Law Office Of Victor Waid
Law Office Of Victor Waid | Victor Waid
Then don't do what you are suggesting.
Answer Applies to: California
Replied: 1/29/2013
Frederick & Frederick PLC | James P Frederick
The best way to do this under current law is with a "lady bird deed." Under this deed, you retain FULL control of the property during your lifetime. Upon your death, the property passes automatically to your son, without the need for probate, and it is not subject to Medicaid estate recovery. (It is possible that they will change the estate recovery law, to undo some of the benefit of this estate plan, but that can always happen, regardless of your plan.) The cost to do this would be approximately $200. You should also have a general durable power of attorney form in place, so your son can handle your affairs, if you ever become incapacitated. That would cost an additional $200.
Answer Applies to: Michigan
Replied: 1/29/2013
Kokish & Goldmanis, P.C.
Kokish & Goldmanis, P.C. | Bernard H. Greenberg
Your question suggests that you require the assistance of an attorney who specializes in elder law and medicaid planning. Consult with such an attorney prior to making any changes to the property title.
Answer Applies to: Colorado
Replied: 1/29/2013
Law Office of Pamela Braynon | Pamela Y. Braynon
The you can quit claim both properties as a joint tenancy with a right to surviviorship. Meaning both of you are owners of the property and if one of you dies the other automatically owns the property solely.
Answer Applies to: Florida
Replied: 1/29/2013
    James Law Group
    James Law Group | Christine James
    A transfer to your son while retaining a life estate should generally work. That said, please speak with an attorney regarding the potential tax consequences and the look back period should you choose to go this route.
    Answer Applies to: California
    Replied: 1/29/2013
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    In general, this is not a good idea. Leave the property to him in your will. If you transfer it to him now that is a gift, which will disqualify you from receiving Medicaid for a period of years. If you need the care, you need the care, and if you have no other way to pay for care then you will need Medicaid. Also, if you transfer the property to your son now, it becomes liable for his debts, his taxes, his identity theft, his divorce you don't want to lose your property in your son's divorce.
    Answer Applies to: Oregon
    Replied: 1/29/2013
    The Wideman Law Center, P.C. | Susan Wideman Schaible
    You need to work with an elder law attorney. There are several ways this can be handled and the attorney needs to look at your specific facts.
    Answer Applies to: Michigan
    Replied: 1/29/2013
    Law Office of Edward M. Burgh, APC | Edward M. Burgh
    You could have it put in a Will. I would see an Attorney who can explain what happens.
    Answer Applies to: California
    Replied: 1/29/2013
    Goldsmith & Guymon
    Goldsmith & Guymon | Dara Goldsmith
    This is a complicated question. You should speak with an elder law attorney, so he or she can understand why you want to transfer it and explain the pitfalls in light of nursing home care etc. You may want to ask about a transfer on death deed.
    Answer Applies to: Nevada
    Replied: 1/29/2013
    Gates' Law, PLLC | Thomas E. Gates
    You have two issues. You can transfer your land/home to both you and your son, then if he dies before you, you retain ownership. On the other hand, by remaining on the title, this asset will count against you when determining government benefits. You should consider creating a trust.
    Answer Applies to: Washington
    Replied: 1/29/2013
    Reger Rizzo & Darnall LLP | Kathleen DeLacy
    If you transfer the property but retain a life estate for yourself. The life estate, however, is still considered somewhat of an asset, but not sure how much value for Medicaid purposes. Keep in mind there is a 5-year look back period for eligibility for Medicaid so if you should need to apply for Medicaid for nursing home within 5 years of the transfer, it will be pulled back into your Medicaid estate. If son dies before you, he can also leave you a life-estate in the property then pass to his heirs.
    Answer Applies to: Delaware
    Replied: 1/29/2013
    Durham Jones & Pinegar | Erven Nelson
    You should create a trust. You can keep and control all of the property during your life, then it would transfer to your beneficiaries (children). If your son died before you, it would stay with you. You should also do some nursing home planning. You can transfer property to a trust and still get Medicaid and Medicare
    Answer Applies to: Nevada
    Replied: 1/29/2013
    Peters Law, PLLC
    Peters Law, PLLC | Mark T. Peters, Sr.
    It sounds like you might want to deed a life estate to you with the remainder in him. That way you can stay in the house until you die, then it goes to him.
    Answer Applies to: Idaho
    Replied: 1/29/2013
    GOLD & ASSOCIATES, P.C.
    GOLD & ASSOCIATES, P.C. | KENNETH GOLD
    There are several ways it can be done such as by deed, trust etc. You really need to speak to an estate planning attorney.
    Answer Applies to: Michigan
    Replied: 1/29/2013
    THE BROOME LAW FIRM, LLC
    THE BROOME LAW FIRM, LLC | Barry D. Broome
    If the son is receiving federalo assistance then you will want to have your estate set up in a Survivorship Trust. Barry Your financial plan is not complete until it is co-ordinated with your estate plan. Will your family be provided for when you are gone? Without a Will, the court will decide.
    Answer Applies to: Georgia
    Replied: 1/29/2013
    Huddleston Law Group, LPA | C L Huddleston
    Medicaid and Veterans Administration benefits planning are complicated and fraught with pitfalls for the unwary. It is extraordinarily complex and not a do-it-yourself project. You need the assistance of an expert Medicaid/VA planning attorney. It will probably cost between $8,500 and $10,000, but can enable you to qualify for benefits without spending down all your assets.
    Answer Applies to: Ohio
    Replied: 1/29/2013
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