Legal advice needed: inlaws "signing over" the house to DH About This Page:

[poohmaine]

My husband's elderly parents want to sign their house over to him to avoid it being taken from them in the event of being put in a nursing home. My husband thinks this is no big deal, but I'm not so sure. Has anyone out there gone through this and can explain the financial/legal/tax implications of such an arrangement? Can anyone point me to a website that has some answers?



Thanks!

[figment52]

You are right. I did this with my great aunt a few years ago. If it is not done correctly the transaction can be null and void. Contact a local attorney or the trust department of your bank. They can advise you of the correct make to make the transfer.

[disneyada2d]

Absolutely call an lawyer. I am assuming they dont want the state to take it to pay for nursing home coverage. In most states they figure the persons assets by going back several years so transferring the house too late wont do any good. Some states also have clauses that wont allow the state to take the house if a spouse, family memeber is still living in it. Find a reputable lawyer and get more than one opinion. It could go very bad if done wrong

[Teddysmom]

[ QUOTE ]
It could go very bad if done wrong

[/ QUOTE ]

Definitely consult a lawyer for this one. Each states laws are vastly different. Try doing a search for Maine state webpages. They may list the laws there but some are hard to decipher, a professional is your best bet on this one.

[buckysmom]

Just want to add my two cents for caution! A good, reputable lawyer is best for this type of advice.
Good luck!

[snoozy]

THIS IS A VERY BIG DEAL! I can not stress enough to you or your DH how serious of a big deal it is.

FORGET THE INTERNET.

You need to find a good lawyer who does family law in your community.

My father past away 3 years ago. To make things worse he lived in New Mexico we are in California. Before he past away he was very ill and put in the hospital. He kept telling us he had a will that everything was taken care of. Well, it came to be that he had only done a rought draft of a will, nothing was legal.

During the time he was in the hospital, DH, myself, and my sister frantically tried to get his affairs in order. It was awful, dad was on his deathbed, the first thing we had to do was get a Power of Attorney so we could take care of his stuff. We had to close his bank accounts, pay some of his bills off, make arrangements for his remains to be shipped back to California, the stress was unbelievable. We then had to find a lawyer to take care of everything else, such as his property. I was made executor of his estate, everything had to go through probate, because he did not have a will. We had to wait for his property to sell, this took over a year to settle. In the mean time he had about 7,000.00 outstanding medical bills that were not covered by medicare, and the bill collectors were sending me nasty letters. But, they just had to wait. We did not have the money to pay them off.

Another note-make sure your elderly reletives have part A and B of medicare.

Well, needless to say the whole ordeal was awful, I ended up having to be treated for anxiety because of all the stress.

Your DH's parents they are very wise and are doing the right thing. They are realizing what needs to be done now befor they get to the place my dad was. Its going to be stressful enough on you guys when they are in a nursing home. I think they know that and that is why they want things taken care of now. You will thank them for it when the time does come.

So the best advice I can give you is make sure everything is in writing, witnessed, signed, and notarized.

[rescuesk]

Check your PM!!!

[poohmaine]

Thank you all so very much for your replies. We are going to see his parents this weekend, apparently they have already drawn up some papers with a lawyer they want us to look at. Will let you know what happens.