In general, I would not recommend that you do it, but I would a great deal information regarding your circumstances in order to specifically advise whether you should or should not. First, it is anticipated that your parents will pass before you. Why complicate this by putting their names on the deed? If not done properly, then their portion of the house may pass as per their will or to other siblings, a result you surely do not want. Also, adding their names may to the deed may have gift tax consequences for you. Thirdly, is your home owned free and clear? If not, then the mortgage company may not consent unless they are added to the mortgage. Finally, have you considered your parents' circumstances? What if one or both of them is going to need long term care in a nursing home? How is that going to be paid for? If their names are added to your deed, then a portion of your home is going to be counted as an asset for Medicaid purposes.

Are your parents going to be paying for an addition to your home, like having you build an in-law suite? What will then happen if they pass and their are other siblings? Will that cause a problem?

You and your parents and any siblings may need to sit down and have a discussion. Then, your parents need to see an estate planning attorney to discuss the disposition of their assets. If it makes sense to do so, your parents then can be added to the deed. If they want some kind of protection, you might just give them a life estate in the home than simply add their names to the deed.

I agree with Rachel, a lot of additional information is needed in order to best guide you and a big concern would be the issue of long term care. I am an attorney that practices estate and elder law here in the Pittsburgh area and surrounding counties and I would be more than happy to speak with you in greater detail.

I offer free consultations, and travel to clients' homes. So please do not hesitate to contact me at 412.904.4469 or Hillary@HillarySnyder.com.

I look forward to hearing from you.