fw2007
06-30-2007, 07:08 AM
Hi;
My parents are getting up in years, and from what I have heard, they will be denied Medicaid if they own real estate, so they would be required to sell the real estate and use the proceeds to pay for care before Medicaid would begin paying out.
My brother believes we should have the house put into our names (the children) now, as there is a 5 year "look-back" period which applies.
There is no mortgage on the house.
What sort of legal procedures need to be completed for the home to be transferred into our names?
Next, my dad is concerned about changes to his tax status as a self employed home owner. He is now apparently able to make certain deductions for his business, which he runs from home. If he no longer owns the home, there may be changes, since he will no longer be able to make these deductions.
Can anyone tell me where to find information on this? I thought of Googling but don't really know what to Google!
Thanks
FW
My parents are getting up in years, and from what I have heard, they will be denied Medicaid if they own real estate, so they would be required to sell the real estate and use the proceeds to pay for care before Medicaid would begin paying out.
My brother believes we should have the house put into our names (the children) now, as there is a 5 year "look-back" period which applies.
There is no mortgage on the house.
What sort of legal procedures need to be completed for the home to be transferred into our names?
Next, my dad is concerned about changes to his tax status as a self employed home owner. He is now apparently able to make certain deductions for his business, which he runs from home. If he no longer owns the home, there may be changes, since he will no longer be able to make these deductions.
Can anyone tell me where to find information on this? I thought of Googling but don't really know what to Google!
Thanks
FW