Legal Question in Real Estate Law in New York
transfering deed to daughter
i would like to put my home in my daughters name, will i lose the NY star program if i do this and what do i do about my homeowners policy does that have to be put in my daughters name also,
1 Answer from Attorneys
Re: transfering deed to daughter
You will lose your STAR, unless you remain on the deed with her.
I recommend to my older clients that you make a conditional transfer, which takes the home out of your name for Medicaid purposes, but preserves the stepped-up value for your daughter upon your death.
Contact me directly by e-mail for further details and costs.
This post is not legal advice and does not create an attorney-client relationship. It is a comment on the legal question posed by the poster and should not be relied upon in any way. All readers are advised to consult an attorney to address their specific legal concerns. Additional facts could affect the answer given.
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