By - Stouffer Legal
Generally, transferring your home to your children is not the best way to protect it. In most situations, you do not have to sell your home in order to qualify for the nursing home care benefits provided by your Medicaid coverage, although after you die the government may initiate estate recovery for reimbursement.
There is a look-back period of five years on any transfers which could prolong your Medicaid eligibility. Another drawback to transferring your home to your children is the loss of control. Your children can sell it, rent it, place it on AirBnB and make changes to the home and land without your consent. The property may also become susceptible to your children's creditors.
You may freely transfer your home to the following individuals without incurring a transfer penalty:
Creating a trust may also help you protect your home from Medicaid estate recovery. To learn about all of your options, please call (443) 470-3599 today and schedule a consultation with one of our experienced Maryland Estate Planning Attorneys to learn more about Estate or Elder Law and how we can help you.