Legal Question in Wills and Trusts in Massachusetts

Re: Trusts

There are SERIOUS legal issues concerning giving away the ownership of real estate to children during the parent's lifetime, including but not limited to: tax issues affecting both parent and child if the property is sold; potential Medicaid disqualification; and risk of losing the house if a child dies, is sued or goes bankrupt.

Your parents need to see an experienced estate planning or elder law attorney to carefully review their situation, discuss their planning goals, and provide them with independent advice.

Re: Trusts

there are serious issues in elderly parents giving away their home, both from a medicaid position as well as other issues such as needing to sell the home and move somewhere else.

If your concern is the disposition of the home on their death, that can be dealt with in a number of different ways.

Your parents at a minimum need a Will and durable powers of attorney. As to placing the property in the name of both of their children this creates far more serious issues.

I suggest you contact an attorney and discuss it with them. They will be able to suggest a plan that will maximize your parents estate while limiting as best they can the benefits they can derive from Medicaid.

Please feel free to contact me to discuss the matter in more detail.