I often respond to questions related to my firm's practice areas…wills, trusts, estate planning, business law, and real estate...on Avvo.com. I am sharing some of these answers on my blog for the benefit of my readers and clients.
Below is a recent question that I responded to on Avvo:
My mom and dad want me to get the house they own. Can I put my name on the deed for ownership and take off my fathers name?
My father owns the house that I have lived in for 8 years. I've paid the mortgage the whole time. They want me to take over the house and I didn't know if I could be put on the deed an have my dads name off. What would the process be. Thank you.
Attorney Thomas B. Burton Response:
Have you been caring for your parents while living in the home? The answer to this question and others may help determine your best options for transferring the home. You have not listed the age of your parents here, but if they are nearing the age where you anticipate they may need assistance from medicaid in the future, then you should be aware that there is a 5 year lookback period for any transfers made before a person applies for medicaid, unless the transfer was made for value or qualifies under some other exception. If your parents have long term care insurance and/or are not concerned about needing medicaid assistance, then the transfer process via deed (either by gift or by sale) should be relatively straightforward. I recommend that you sit down with a qualified estate planning and medicaid planning attorney in your area to discuss your options before proceeding with any deed transfers.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. You should seek a consultation with a licensed attorney in your area if you seek a complete review and discussion of your situation.