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September 2014 Archives

Powers of Attorney versus Guardianships

Powers of Attorney are usually prepared as part of long term care planning.   Why?  It is important to name someone to handle your medical matters and financial affairs if you become incapacitated and are unable to make appropriate decisions.  The Principal, you, name an Agent, someone you trust, to make medical decisions or to pay your bills and handle your assets.  The Principal should also name a contingent Agent, a back-up person whom you trust, just in case the Agent is unable to serve. 

Should my parents transfer their home to me?

When doing long term care planning, a child may ask their parents to transfer the family home to him or her for $1.  The child may think that this is a purchase, but it is considered to be a gift to the child.  A Deed will need to be prepared and signed by the parents and the child.  Should the child want this gift? The 9/14/14 post looked at this transfer from the parents' perspective.

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.

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