Q: 14 yrs ago my family sold our home and moved in with my Dad to care for him. Should we transfer the home into my name?
Dad is 88. We have lived together now for 14 years
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- Tennessee
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A: Unless you have a power of attorney from you dad, you do not have the legal authority to transfer his home to yourself. Even if you do have a POA, it would need to be closely scrutinized to determine whether you have that kind of authority. Finally, there are pros and cons to making such a lifetime transfer. A pro certainly is avoidance of future probate. A con is loss of the step up in basilisk at death. And the effect on future Medicaid eligibility should be considered as well although this may be less of a concern in your case. There are better ways to do this. You and your dad should consult an experienced elder law attorney.
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