Legal Question in Wills and Trusts in Ohio
Transfer of property from elderly parents to children or trust
My husband's elderly parents (80 years old) would like to transfer their home to my husband. This is all they have and they don't want to lose it if one of them should go into a nursing home or have high medical bills. A friend told me that a quit claim deed could be an option. Another mentioned a trust. What are our options? Is it legal to transfer the property for the sole purpose of protecting it from potential creditors (i.e., nursing home, doctors, etc.). Thank you for your assistance!
1 Answer from Attorneys
Re: Transfer of property from elderly parents to children or trust
It is a common practice to transfer property for the reasons you have mentioned. However, there are some issues to be aware of such current creditors, and medicaid/medicare. If there are current creditors, and the property is the only asset, then they may attempt to have the transfer set-aside. As for medicaid/medicare, these programs have asset limits, and look back periods. If an application to medicare is expected in the next 36 months, the the transfer could disqualify the applicant for a significant period of time. These issues are very complex, and an attorney should be consulted prior to any action to discuss the parents particular circumstances.
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