Put home in children's name
I am elderly and want to put my home in my children's name so that if I have to go into a nursing home they will not take my home away from my family. Will my children have to pay taxes when the home is put in their names? It will be stated on paper that I can life in the home the rest of my life. I know people in NY that did this and did not have to pay taxes. Is there a different in state laws.
1 Answer from Attorneys
Re: Put home in children's name
Do not put the home into your children's name until you consult with an Estate Planning lawyer! The transfer is a gift which may be taxable. Also, you will lose the $250k exemption for the sale of a personal residence. Finally, the transfer may make you ineligible for medicaid for several years.
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