How can I take myself off a survivorship Deed and give my share to my grandson?
2 attorney answers
Are you speaking of Medicaid for Nursing Home Care ? If you are about to enter a nursing home soon you can temporarily exempt the house and get Medicaid. Also you can give your grandson your half interest if you have a Lawyer draw up a deed for you BUT giving your grandson your interest will mean that it will be considered a gift for Medicaid purposes and you would have to get through the 5 year look-back period. Otherwise if you need Medicaid for payment of Nursing Home Care before then Medicaid will impose a penalty period into the future on when Medicaid would start. Based on the amount of cash value of the gift to your grandson.
If on the other hand your Grandson can purchase your 1/2 interest, ( for fair market value ) there would be no penalty as there would be no gift. And depending on how much the purchase was you could protect some of the cash you received from Grandson AND obtain Medicaid.
This is a Complicated area and I am unable to give you specific advice that you can act on so I URGE you to meet with an Elder Law Attorney.
Attorney Benjamin B. deForest is a Medicaid Planning / Asset Protection / Elder Law Attorney. He assists client families in Stark, Summit, Medina, and Portage Counties. Mr. deForest responds to AVVO.com questions as a public service to help educate and provide general guidance to questioners, but his responses are not legal advice and do not create an attorney-client relationship. His posts are provided for informational purposes only and are not a substitute for advice provided by an attorney or licensed tax professional. It is impossible to adequately advise you without meeting in person, having ALL the facts, documents, etc. It is important to consult with an attorney in person to get legal advice that you can act on. Attorney deForest’s website is (ohioelderlawattorney.com.)
Medicaid laws are extremely complicated. It is best to consult an attorney who specializes in the Medicaid laws before doing anything.
Ms. Willi is a tax attorney, CPA, and Ohio-Certified Specialist in Estate Planning, Trust & Probate Law, with offices in Westerville, Ohio. She serves client families and private business owners throughout Ohio. Ms. Willi responds to Avvo questions as a public service to help educate and provide general guidance to questioners, but her responses are not legal advice and do not create an attorney-client relationship. Her posts are provided for informational purposes only and are not a substitute for advice provided by your own attorney or licensed tax professional.