Legal Question in Elder Law in California
If my home is in a trust, would it be advisable to add my children's names in the event that I would need assistance with long term care?
Asked on 10/24/11, 8:37 am
1 Answer from Attorneys
No. Making a gift of an interest in real property is one of the biggest headaches you can give yourself. There are almost invariably terrible tax consequences for you and/or your children. In addition, the state can look back five years to any transactions that got rid of property in order to disqualify you for long term care on the state's dime. If this is a real issue for you, go spend an hour and a few hundred dollars on an elder care and estate planning attorney. It will be money well spent.
Answered on 10/24/11, 1:16 pm
Related Questions & Answers
-
My mother is grevely ill,was in the icu,released few days ago and now in a stable... Asked 10/21/11, 7:43 am in United States California Elder Law
-
Elder abuse? My friend is living with her mom who has alzhiemers 24 hours a day... Asked 10/20/11, 6:39 pm in United States California Elder Law
-
My husband is the executor to his parents revocable declaration of trust. His father... Asked 10/15/11, 9:54 am in United States California Elder Law
-
My mom was in a board and care home and had a service where they delivered depends... Asked 10/12/11, 8:32 pm in United States California Elder Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
