@Opus 17 wrote:
.......if the parents need to go on Medicaid, any large gifts made in the previous 5 years will affect Medicaid eligibility. So even a simple quitclaim deed could cause a real problem,
Understood, which is why the transfer, depending upon the circumstances, might want to be done as soon as possible.
There is no acceptable solution for the scenario you described beyond getting past the 5-year claw back period or selling the property to the son at its FMV.
@Opus 17 wrote:
Maybe they are perfectly healthy. But that's why I would recommend a professional consultation.
Except @user17524531726 appeared to be balking at a $450 charge for a consultation with a CPA. Do you suppose a consultation with an elder law attorney would be less expensive and any work beyond that would run less than $500-$1k (and up)? There are people out there with limited assets for whom the result is not worth the fees involved and they have to choose a less costly route and hope for the best outcome.
