Leaving property to parents

Guest 0.10 Dollars($)

Currently, I have my parents home in my name, which they are now residing in. (Florida) I was preparing my will & have left their house to them in the event of my passing. I know the LadyBird Deed can help to bypass any probate cost but concern is if my parents will be eligible to receive Medicaid with this property in their name? Thanks.

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Kashlea,

As far as I know, the home is always an exempt asset if the person receiving the medicaid is residing in it. So, I don't think that transferring the property in your parents' name with the help of a ladybird deed is going to create a problem.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Kashlea,

Welcome to the forum.

I think your parents will have no problems in receiving the Medicaid even if you use a ladybird deed. But it is always advisable to consult with an attorney.

Best of luck,
Larry

sara · Posted: Thu Jan 10, 2008 5:55 am Post subject: RE: ladybird deed or will

Hi Kashlea,

Welcome to the forums.

Have you already prepared the Will or are you thinking of using a ladybird deed? Even if you transfer the property to your parents with the help of ladybird, it won't affect their eligibility for medicaid. This is so because medicaid won't count the home as an asset amongst other assets you have.

I shall suggest that you contact a attorney if you wish to execute a ladybird deed as he would be the right person to guide you on how to draft the deed.

Take Care

lisascherzer · Joined: 04 Jan 2008 Posts: 746 93.70 Dollars($)

Medicaid will not be affected by having equity in a home. You will want to put them on the deed as well and make it a surviorship deed. This will accomplish what you want and avoid probate.

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