Legal Question in Elder Law in New York

transfer of fathers home

i have taken care of my dad for 3yrs i live with him in his homei have d-poa and would like to tranfer the home to myself be fore dad goes in to a nursing home. but my lawyer says he has to have a pir done and be in hospital or institution for 30 days first. he has willed it to me so if i can keep him home would i run into problems when he dies. i have 2 siblings but neither help take care of him.


Asked on 5/21/07, 11:39 am

2 Answers from Attorneys
Michael Moberg Moberg & Associates

Re: transfer of fathers home

I disagree with your attorney. If you have lived in the house and helped take care of your father for over 2 years, it is an exempt transfer and will not interfere with Medicaid.

You may transfer the home to yourself (and I suggest retaining a life estate for your father) providing the DPOA allows you to make gifts to yourself over $ 11k/a year.

If you would like me to review the deed and POA as well as draft the new deed, you may contact me at anytime for a complimentary consultation. Good luck!

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Answered on 5/21/07, 11:59 am
Debra Palazzo Law Offices of Debra Palazzo, LLC

Re: transfer of fathers home

Since the home appears to be exempt for medicaid prposes, what is the purpose of transfering home now?

Have you considered the tax consequences?

If you take house now, you take it at your father's "basis" for tax purposes. If you wait until you inherit it, you inherit it at a "stepped up basis" to current market value. You prob should consult a tax professional before you transfer it.

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Answered on 5/21/07, 8:17 pm


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