Sikov and Love, P.A.
Call To Speak With An Experienced Attorney
877-897-8025
Comprehensive Elder Law Services Addressing
a Full Range of Legal Issues

Should I transfer my home to my child?

When doing long term care planning, many people ask about transferring their home to a child for $1. Such a transfer is a gift, a very large gift. The parents plan to continue living in the home. Is the gift a good idea?  There are a number of factors to take into account.  First, consider the number of children. If there is only 1 child, such a gift might be appropriate. If there are several children and the house is only being gifted to one child, such a gift might lead to bad feelings between the siblings.

If the home is gifted to a married child, who gets divorced after the home is gifted, the home could be subject to equitable distribution. The house might have to be sold, so the parents could no longer live there.  Does the child have good credit?  If not, the child's creditors could force a sale of the home to pay the child's bills.  Or, the child could decide to sell the home and evict the parents. What if the child passes away first? The house might be left to the child's spouse or issue, which again might lead to the parents no longer being able to reside there.  Also, a gift of the home to a child may create a period of ineligibility for Medicaid if one of the parents needs to be in a nursing home. Long term care planning needs to be done with an elder law attorney before a home is transferred for $1 to ensure that the parents' interests are protected.

No Comments

Leave a comment
Comment Information
Tell Us About Your Case

Tell Us About Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location:

Sikov and Love, P.A.
428 Forbes Avenue, Suite 1400
Pittsburgh, PA 15219

Toll Free: 877-897-8025
Phone: 412-567-1236
Fax: 412-261-1455
Map & Directions

Phone Number: