Legal Question in Real Estate Law in Massachusetts
Do I need an attorney to have my son's name included as co-owner of my home..and why?
Asked on 10/21/10, 1:40 pm
2 Answers from Attorneys
You need someone to prepare the deed. However, you need to be careful on how you do this as it could impact your benefits under Medicaid. I would consult with an elder law attorney.
Answered on 10/26/10, 1:50 pm
Christopher Vaughn-Martel
Charles River Law Partners, LLC
You do not need an attorney, but I would strongly recommend that you retain one. The transfer of property can result in the triggering of your mortgage's acceleration clause, cause disqualification for medicaid, result in a higher tax burden or cost basis for the co-owner, or require the filing of a gift tax return. If you would like to speak to an experienced elder law attorney on our team, please feel free to contact our offices at 617-357-4898.
Answered on 10/26/10, 1:59 pm