Q: Parents gave 2nd home to son. Only in his name for 2yrs now but lived there for over 10. Can he sell it?
His parents are in their late 70s and they were concerned that there was a five-year hold due to Medicaid if they ever went to a nursing home. But his parents still live in their 1st home.
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A: He can sell it, legally, because it is his. However, a reason for waiting 5 years would be to preserve the ability to maybe cure the gift in case the parents need to apply for Medicaid within that 5 year period. In some states the gift penalty can be avoided by gifting the property back, in this case it would be a deed back from the son to the parents.
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