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transferring a deed to a son

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  • transferring a deed to a son

    Hello, my parents are getting up in age. We are wondering how to go about transferring the deed into a sons name to avoid paying inheritance tax or any type of penalties in the event one or both parents pass away? Is there a time frame in which such a transfer should take place? There is no mortgage or taxes owed on the property.
    Thank you
    Tom

  • #2
    Your parents would be well-advised to consult an attorney specializing in elder law. With regard to the timeframe for such transfers, there is a five-year lookback period on transfers of assets with regard to eligibility for Medicaid as well as penalties on transfers of assets within that period.
    I am not able to respond to private messages. Thanks!

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