Legal Question in Wills and Trusts in New York

I am a 36 year old female resident of Hemlock, NY. My parents are both elderly. Father 81 and mother 68 and reside in Rush, NY. If my parents were to "sell" me their home, vs "gifting it, or signing it over to me", would that make a difference in the protection of this property? I am aware there is a "5 or 7 year clause" regarding a possible nursing home scenario taking property from an elderly person's family. However, I am curious if "selling" rather then "gifting" would make a difference...

Asked an elder attorney, but was scared into believing that unless you spend $5,000-$10,000 on a "living trust", then your family's property is undoubtedly in certain danger. We do believe this, but are curious if there is any loop hole in the law what so ever...even if our folks were to "sell" us their home fair and square.

Thank you.

KK


Asked on 5/07/11, 3:55 pm

1 Answer from Attorneys

They can sell their home if they like. If they've owned it for some time, there can be a tax issue. If the home is the only asset, have them consider an enhanced life estate (a/k/a ladybird deed). That might not interfere with their government benefits, and is cheaper than a trust. Your parents need to have a long sit down with the elder law attorney, as estate planning isn't a 'one size fits all' practice.

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Answered on 5/07/11, 5:01 pm


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