Should my parents put my name on their house?

[MiFamQues]

I have a few questions about asset protection here in Michigan. The main one pertains to my parents house so I hope I posted this in the correct section. My questions are - my parents want to put my name on their house, bank accounts, assets, ect - so that in the event of an accident/their death - I would be legally on all of these things and could avoid probate and other expensive hassles that would be involved. I have no problem with this and think its a good idea the only problem is I owe about $3,000 in medical bills and want to know if I were to get sued could my parents be held liable if my name were on these things. In other words - is there a way to add my name to their house, ect while still protecting their interests as well? Any help would be appreciated! Thanks!

[grasmicc]

Honestly, this whole idea sounds half-baked.

(1) Probate court isn't expensive, or, at least, it doesn't have to be. Nor is it really that much of a hassle.

(2) If you really want to avoid probate, the way to do it is to put the assets into trusts. See an attorney for assistance.

(3) They can't just add your name to valuable assets w/out you paying taxes on the gift.

Anyway, I would see an attorney before doing what you are talking about.

Edit:

Sorry, didn't answer your question. The general answer is yes, the assets would become fair game for creditors. The more complicated answer is it depends on the type of asset whether a creditor can access it.

[elklaw]

Consult an attorney. I think maybe your parents should consider a trust or something like that because theoretically your creditors could sue you and attach a judgment to your parents' home with your name on the deed. Usually, in medical bill cases, they do not, but still I think there may be other estate planning strategies that may be more beneficial to your parents that do not put you all at risk so much based on your creditors.