Legal Question in Real Estate Law in Pennsylvania

Giving a home to 3 married children involves more than just making them the legal owners. You may be jeopardizing rights to benefits, such as medicaid or disability, that you may need in the next few years.

Where will you reside after you transfer the home? From what do you want to protect the transfer? Is there a mortgage on the home? Even if the children and their spouses get along well now, at some later time the children may disagree about what they will want to do, and how will those disagreements be resolved?

And, your children will lose certain capital gains tax advantages if you give the home to them now, rather than by willing it to them on your death.

Since there are many issues to consider, you should consult with a real estate lawyer knowledgeable about elder law and estate planning before you take this step.

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

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