Posted on: 14th Jul, 2010 09:33 am
My wife and i have been married for 48 years and have an adult daughter who is living with us in our home (in NC), and helping with day-to-day life. My wife and I have a home that is owned jointly, and a few other tracts of (farm/wood)land that are held jointly in both our names, and individually. I am in poor physical health, and my wife and i would like to pass all of the extra property, beyond the home, to our daughter upon my passing. My question is, how do we deed or re-title the property so that I can will the property in its entirety to my daughter and it will not be part of our joint marital property, and in doing so, would the property my wife signs to me be considered a gift to me--since we're married. We'd also like to deed the house to our daughter, with my wife having a life-estate (in an effort to prevent the later possibility of Medicaid taking the property).
You should get yourself to an estate attorney ASAP. If you are already on Medicaid, you may not be able to stop it. Think of it this way, the state is paying for your care now in exchange for your property later. If not, be advised that there is still a "look back" period in which Medicaid can still claim it even though the change in deed was made prior to you being enrolled. Because of all the factors involved, it's imperative that you consult a qualified attorney as soon as possible.
Thank you for your response Lisa.
We visited an attorney, he estimated between 5 and 10k to do establish an irrevocable "super" trust. Neither of us are on Medicaid, but I am seriously ill--and won't require a nursing home. My wife is in good health. We were just hoping there was a method (by deed) that could accomplish a clean transfer upon my death, but I am seeing now (according to one NC estate atty) that NC has passed in (06-07) that would allow them to go after life estates (beyond a homestead). I hate just gifting it to her, and then she looses the step-up, it seems that as a couple we could at least deed existing properties to tenants in common, then my daughter could at least receive half of our combined property with my wife having a life estate on the rest. I dont know...
-land poor
We visited an attorney, he estimated between 5 and 10k to do establish an irrevocable "super" trust. Neither of us are on Medicaid, but I am seriously ill--and won't require a nursing home. My wife is in good health. We were just hoping there was a method (by deed) that could accomplish a clean transfer upon my death, but I am seeing now (according to one NC estate atty) that NC has passed in (06-07) that would allow them to go after life estates (beyond a homestead). I hate just gifting it to her, and then she looses the step-up, it seems that as a couple we could at least deed existing properties to tenants in common, then my daughter could at least receive half of our combined property with my wife having a life estate on the rest. I dont know...
-land poor
if you transfer the property now using a quit claim deed, then you may become ineligible claiming the medicaid benefits. thus, it's better to go for an irrevocable trust and safeguard the property. you can use a ladybird deed (if it's applicable in your state) to transfer the property to your wife/daughter. transferring property with the help of ladybird deed does not make a person ineligible for the medicaid benefits.