Legal Question in Real Estate Law in Wisconsin

My parents are 72 & 69, in good health and want to transfer the ownership of their home and property to me, their only child, aged 43. I live in this residence with them in Lomira, WI (in Dodge county.)

My accountant has recommended a lawyer to work with, but we do not know how to begin. (Can we do it? What documents are needed to do this? Will assets have to be exchanged?)

Also...I have a basic will, but I presume that I will have to rewrite my will to reflect the change in my situation. (I am single with no dependents.)

We really need help getting started so we make this process go smoothly. Thanks for any and all advice!

Jeff Reindl


Asked on 2/07/10, 12:06 pm

2 Answers from Attorneys
Thomas Olson David F. Gram & Associates, LLC

There are two potential aspects to this question.

1) Medicaid planning to divest assets because of concerns about nursing home care

2) Best way to transfer home from parent to child.

Assuming the latter without Medicaid planning concerns your parents can transfer the homestead to you outside of probate by executing a Transfer-on-Death deed which takes effect only on death of the last of them to die. This is inexpensive and avoids probate as to that asset. In fact if the only remaining probate property can be reduced to less than $50,000 they can avoid probate all together.

In either case you need to do nothing different with your will.

In both cases you should have the assistance of an attorney to help to be sue it is done correctly.

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Answered on 2/12/10, 12:34 pm
Thomas Schober Schober Schober & Mitchell, S.C.

Mr. Olson gave you a very appropriate answer. You need to see an attorney or a firm that has experience in elderlaw and real estate. I concur: you should have the assistance of an experienced attorney.

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Answered on 2/15/10, 1:32 pm


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