Posted on: 05th Oct, 2009 07:42 am
My parents want to transfeer deed to house in my name. If they had to go into nursing home I no there is a 5 year lookback. But, if my parents sold the house to me for $5.00 would the lookback be voided?
do you honestly think that a sale in the amount of $5 for a home would go unnoticed?
Well, exactly what would happen?
i would have to think that the nursing home or any state or federal agency from whom you'd be receiving benefits would look back into the past and find that transfer to be fraudulent - or at least make the accusation, which could then lead to legal action.
i don't think you'd like to be on the losing side of a legal action.
i don't think you'd like to be on the losing side of a legal action.
better to go for quit claim deed.
pure nonsense, lee.
My parents own the house. If you do a quick claims deed, does that remove their name off the deed? And if not, could the house insurance be kept in my parents name or is that something that will need to put in my name also?
guest, if you become the owner, then you'd be the insured as well. everything changes as you take ownership.