@pk wrote:
@user17524531726 agreeing with the excellent reply from my colleague @Bsch4477 , I am just wondering why are you even considering the transfer now ? Why the rush ? Is there something else you are trying to achieve beyond your "Will" in the transfer of the asset to your son ? Are you trying to get it out of your asset collection for other reason like "spending down" for medicare ?
If you are trying to do long term financial planning for the possibility of an illness or need for extended medical care, I strongly advise you to consult with an elder law firm. This will cost you some but be well worth it. "Medicare" is not the issue, but Medicare will not pay for nursing home coverage. Medicaid will cover a nursing home, but only if you are "poor" (roughly speaking). You must spend your own funds first, and if you give away assets to make yourself "poor", you can run into serious trouble (as in, Medicaid won't pay for your coverage unless you get the gift back from the recipient and use it for medical expenses.)
I have no idea how a rental property would fit into the Medicaid rules (I know just a little about the rules for other assets like your own house where you live, car, and IRA, but nothing about rental property.). An elder law firm can create the right kind of deeds and asset protection trusts to protect your assets so you can pass them on to your children without being forced to spend your estate down to the ground for medical care. But you can't guess on this one. The wrong move might cost your son his house.
