my elderly father has property and wishes to transfer owners

jhartwick · Joined: 08 May 2008 Posts: 1 1.38 Dollars($)

my elderly father has property and wishes to transfer ownership to me to remove it form his estate. Is there a requirement for him to live a period of time for the transfer to be legal? Is this state dependent? I live in wisconsin. Is there a limit to the amount he may transfer? Is there gift tax due if the amount is greater then a specific amount? Are there any other impedements to making a transfer? If he were to go into a nursing home would medicare of the government view this as a way of screening assets and require the value of the transfer be used to provide for his care before the government assumed responsibility for the payment of his care? Is the best vehicle a quit claim deed of a warranty deed?

adonis · Posted: Thu May 08, 2008 9:16 pm Post subject:

Welcome jharwick,

I don't think there is any time limit for stay before one can transfer it to remove it from the estate. Also, there is no limit on the amount one can transfer. But if a certain limit is crossed, then one has to pay the gift tax. Know more on when to pay gift tax...

has your father applied for medicare yet? if not, then you need not bother whether medicare will view the transfer as a way of screening asset. If your father has applieds for medicare and then he transfers property, then there is a chance that he may be ineligible for the benefits. But you need to check out the state laws from http://www.wisbar.org/AM/PrinterTemplate.cfm?Section=Wisconsin_Lawyer& TEMPLATE=/CM/ContentDisplay.cfm&CONTENTID=57606%20 .

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi jharwick,

Welcome to the forum.

Is your father going take help from Medicare now and just before that you want him to quitclaim the property to you? If yes then it may be considered as a fraudulent conveyance but if no then your father can surely quitclaim the property to you.

If the property is not mortgaged then you should use a warranty deed but if it is a mortgaged property then use a quitclaim deed to transfer the property and also take permission from the lender before your father quitclaims to you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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