Legal Question in Wills and Trusts in New York

There are a number of different things to consider about this:

1. Is your house worth more now than when you bought it?

2. Are you a candidate for Medicaid?

3. Do you think you will need long term care within the next five years?

To answer your question, yes, you can deed your home to whomever you wish. However, there are some things to consider, such as potential tax liability when your child sells the property, and whether or not you're applying for any type of government program (such as long term care benefits under Medicaid)

Dave

http://nylegaladvisor.com

I agree with Dave that this is a complicated question, made more difficult by the changes in Medicaid rules. A gift to your son (adding him to the Deed without him paying you for it is considered a gift) is a transfer without consideration) and under the new rules (� For gifts or transfers made on or after February 8, 2006, the rules are much tougher. The look-back period for transfers made after this date is 60 months from the date of your Medicaid application. And if a less-than-full-value transfer falls within this time, the period of ineligibility begins from the date of your application for Medicaid coverage (NOT from the date of the transfer, as under the earlier rule). Plus there are the tax ramifications - gifting to your son could produce capital gain taxes when he goes to sell it. Thus, you may have exposure for 5 years if you require nursing home admission and your son may have income tax exposure down the road.