Legal Question in Wills and Trusts in New York

If the surviving parent owns a home, is it a good idea to put the home in the adult children's names so if the parent has to go into a Nursing home or other medical facility the house proceeds will not be affected by the medical costs - of should the home be put in the parent and children's names??

Parent is 82.

Please help or direct me to any information!

Thanks!


Asked on 4/21/11, 7:03 pm

1 Answer from Attorneys
Paula McGill Attorney at Law

It is better for the parent to transfer the property to the person of choice and retain a life estate. This way, the parent can be assured that he/she can continue to live in the house. However, this transfer cannot be done right before going into a nursing home. The parent needs to discuss the matter with an attorney in an office visit. The attorney should draft the documents. Of course, the transfer can be done to the children or any other person the parent so chooses.

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Answered on 4/22/11, 8:38 am


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