Manorville, NY asked in Estate Planning for New York

Q: I am on medicaid in NY. My son and I are on deed. Is it to late to take my name off deed to avoid an estate recovery

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2 Lawyer Answers
Michael David Siegel
Michael David Siegel
Answered
  • New York, NY
  • Licensed in New York

A: It may not work, but it is better to not be on the deed than be on the deed.

Nina Whitehurst
Nina Whitehurst
PREMIUM
Answered
  • Estate Planning Lawyer
  • Crossville, TN

A: At this time, a transfer of any property to almost anybody else without receiving fair value in exchange would be considered an uncompensated transfer, i.e. a "gift", and would cause you to incur a penalty period for a number of days equal to the value of the gift divided by the then daily divisor. There are some exceptions for minor and disabled children and other people. You should not do this without consulting with an experienced elder law attorney.

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