My parents want to give away their house to me now through a deed. It is completely paid off. If in the future they have medical expenses an...

Question

My parents want to give away their house to me now through a deed. It is completely paid off. If in the future they have medical expenses and they were to receive the state's medi-cal insurance, would they or I have to repay the state when they pass away? I understand there are several types of deeds. Which is the best one, and is a deed the only way for me to inherit their house?

Answer

Your parents need to meet with an estate planning attorney to discuss the pros and cons of gifting the house now and other Medi-Cal planning that may be available.

Answer

I agree with Ms. Rouse. A transfer by deed is not the only way to inherit the house, and is probably not the best option for you and your parents.There are many factors for your parents to consider before simply gifting the house to you. You and your parents are smart to consider these pros and cons before they deed their property over to you. Your parents should meet with an estate planning attorney to discuss their medical planning options and estate goals.