Signing House Over to Son Now

My question involves real estate located in the State of: New York.
I have a house valued about 300 plus plus, I owe less then 20 thou., I'm 68 and in good health, but we all know that could change in minutes.
I would like to sign the house over to my son in case anything unexpected happened to me, I wouldn't want a nursing home to get the house like they have many of my friends.
Can i sign it over to him now and just live there til whenever just to protect us and my son from vultures. thanks.
I could payoff the mortgage if necessary, but would rather keep the money where it is and pay the mortgage monthly.

You can sign over your house to whomever you choose. If something unexpected happens to you and you require the services of a nursing home, or a hospital, why is it that you think that the tax payers should have to pay for it when you have an asset valued at "300 plus"? Hiding assests in order to prevent paying for servcies you incure is called fraud. There is a great possibility that if the transfer is seen as fraudulant that the state will come after the house anyway.

If you don't want the "vultures" to come after your assets, then have an attorney draw up a living will stating that you don't want any measures used to sustain life. This way, when something does happen, the "vultures" will do nothing to help you live and therefore you wont need the services of a nursing home.

Hi:

I totally understand your thoughts. You need to speak to a financial advisor regarding this because there can be huge tax consequences regarding this.

Good luck!

~Christina

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Quoting gigirle

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You can sign over your house to whomever you choose. If something unexpected happens to you and you require the services of a nursing home, or a hospital, why is it that you think that the tax payers should have to pay for it when you have an asset valued at "300 plus"? Hiding assests in order to prevent paying for servcies you incure is called fraud. There is a great possibility that if the transfer is seen as fraudulant that the state will come after the house anyway.

If you don't want the "vultures" to come after your assets, then have an attorney draw up a living will stating that you don't want any measures used to sustain life. This way, when something does happen, the "vultures" will do nothing to help you live and therefore you wont need the services of a nursing home.

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if you don't have an answer, then don't answer.. I have life time med bennies from the private sector if any of your business, but my wife don't

You were the one who brought up the idea that a nursing home might get your house. Now that your wife enters the equation, she's on board with this and her health is good as well? If you or your wife end up getting Medicaid benefits there will be a "lookback" period for qualification, and if the transfer of the home occurs during the lookback period they will impose a penalty before you (or your wife) qualify for benefits.

There are a ton of other issues that arise from signing your real estate over to your son, including your needing his permission to sell, refinance, or even get a home equity loan. Lots of family conflict can arise over a life estate, even in a family that does not expect it to happen. You also create potential capital gains tax exposure for them through the loss of stepped up basis, that they would avoid through inheritance.

I urge you to consult an estate planning professional, and get your estate structured in a manner that protects your interests, preserves any needed continued control over your assets, and minimizes any potential taxes.

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Quoting half&half

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if you don't have an answer, then don't answer.. I have life time med bennies from the private sector if any of your business, but my wife don't

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I had an answer for you, just not one that you wanted to hear. Do an internet search, you'll find tons on info on how states are going back and have gone back getting money from the estates to cover medical expenses when the transfer was within the grace period.

Now you have changed the scenerio and have added your wife to the mix. So I ask you this...why do you or your wife feel that she should not have to pay for her health care? She has 150 plus (well half of the plus)in assets!

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Quoting gigirle

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I had an answer for you, just not one that you wanted to hear. Do an internet search, you'll find tons on info on how states are going back and have gone back getting money from the estates to cover medical expenses when the transfer was within the grace period.

Now you have changed the scenerio and have added your wife to the mix. So I ask you this...why do you or your wife feel that she should not have to pay for her health care? She has 150 plus (well half of the plus)in assets!

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where are you comming up with these ideas that my wife or i feel that we don't have to pay for our health care, are you a lawyer or a troll? my wife has health care and nothing is provided by the taxpayer. case closed good bye and thanks for nothing

You are the one that brought up trying to hide your assets so don't expect someone on the board to help you defraud the state. With that said. preserving your assets for your children is legitimate. The best way is to sit down with an elder care attorney. You need a POA, living wills, etc. I would not recommend signing the house over or a life estate. You can find a listing of elder care attorneys at the NAELA website.

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where are you comming up with these ideas that my wife or i feel that we don't have to pay for our health care,

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To answer your question, it's in the 3rd line of your original post but I'll point it out to you again here in quotes, just incase you have a touch of dementia:

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I would like to sign the house over to my son in case anything unexpected happened to me, I wouldn't want a nursing home to get the house like they have many of my friends.
Can i sign it over to him now and just live there til whenever just to protect us and my son from vultures

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You as if I'm a lawyer or a troll? I'm neither. I didn't troll onto this site looking for advice and then got mad when no one here would help you defraud the state.
You still haven't answered my question but there really is no need, it's a given. Karma is a wonderful thing and remember you reep what you sew!

to anyone interested, please read the following,
it will answer most of the question that i asked.http://www.abanet.org/publiced/pract...chapter_12.pdf
also meet with an attorney as I'm doing tuesday this week.
Do not come on here and ask a legidiment question and have some Clarence Darrel wanna be like gigirle and lwpat throw insults at you or accuse you of trying to defraud the State or government, you can go to any homeless shelter and get that info. they really shouldn't even be answering ?s on a legal forum. I read on here often and there are people that know what they're talking about, but some are just lonely insects that have nothing better to do.
i'm signing off now as i've found a site that is all business, no trolls.