Q: If my grandmother decides to give her house to me, what do I need to do to go about this?
A:
The best way for your grandmother to give her house to you is through a Transfer on Death or Lady Bird Deed. That way, if she ever needs Medicaid (and many of us will, especially if we have to go to a nursing home), the gift will not count against her in qualifying to receive it and the house will not be subject to the Medicaid Estate Recovery Program. (These days Medicaid is essentially a loan.)
If your grandmother gives the house to you while she is alive and later needs Medicaid, the value of the house will be divided by a little over $200 (increasing from year to year) to determine how many days (usually months, sometimes years) before Medicaid will pay. That will leave her without help when she needs it most.
Elder law attorneys are experienced in this area. You can find one near you at the website of the National Academy of Elder Law Attorneys (www.naela.org).
Isaac Shutt agrees with this answer
A: I agree with Ms. Garrett. Your grandmother could sign a deed, which would transfer the house to you. A "Ladybird" deed is often recommended in your grandmother's situation. Also, if she doesn't already have a will, she should have a will. In her will, she can leave the house to you upon her death.
A: I agree with what Ms. Garrett said, but would add, "Be thankful!"
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