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giving of land

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cjmorell Joined: 06 Mar 2010 Posts: 1 1.28 Dollars($)	Posted: Sat Mar 06, 2010 5:15 pm    Post subject: giving of land Like 0 Dislike 0 My parents own 160 acres in Fayette Co. Illinois. They are wanting to sign land over to their children (4). They are afraid of going to a nursing home and state taking property for payment. Could you please tell me what laws are going to be working against them to do this? Thank you in advance, Chris.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Mar 07, 2010 10:21 pm    Post subject: Like 0 Dislike 0 Hi cjmorell! Welcome to forums! Your parents can use a ladybird deed in order to transfer the property to you and your siblings. The home may be considered as an exempt asset for Medicaid eligibility if any relative occupies it when your parents are not around. To know whether or not ladybird deed causes medicaid penalty, check out the given page: http://www.mortgagefit.com/texas/ladybirddeed-medicaid.html Feel free to ask if you've further queries. Sussane

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