Posted on: 02nd Aug, 2010 01:09 pm
My Husbands parents are in their late 70's. One is ill and has required nursing home care. They want to gift the house that is paid for to their son to ensure that the government does not take their house after their death. They have Medicare and most likely have enough income that they do not qualify for Medicaid. We would prefer that they keep the house and get a reverse mortgage if nec to pay extra costs. If they continue to be determined about gifting is a quitclaim deed a better way to go? The house is worth aprox 200K. They live in PA we in VA. Thanks for any advice.
hi kim!
welcome to forums!
as your husband's parents are in a nursing home care, i don't think quit claim deed would be a good option to transfer property. moreover, it can affect the medicare eligibility of your husband's parents. it's better to contact an attorney and take his suggestions before transferring the property.
feel free to ask if you've further queries.
sussane
welcome to forums!
as your husband's parents are in a nursing home care, i don't think quit claim deed would be a good option to transfer property. moreover, it can affect the medicare eligibility of your husband's parents. it's better to contact an attorney and take his suggestions before transferring the property.
feel free to ask if you've further queries.
sussane