Clients often ask if they should give their home to their children. My answer is always NO! I know that your children are wonderful and would never kick you out of your home. But what if one of your children got in a bad accident, was sued and owed the other person a large settlement? You could lose your house! What if your child dies? Your daughter- or son-in-law could end up owning your home. What if your child divorces? Your home may be lost in the divorce settlement. What if your child goes bankrupt? Or has bad creditors? Your home could be lost settling your child’s debts. Additionally, gifting your home to a child can cause other issues, including, but not limited to, causing unfavorable capital gains tax for your children and Medicaid transfer penalties if done within five years of applying for benefits. As you can see giving your home outright to your children can be dangerous. If you give your home to your children there is a chance you may not have a place to live in the future. So what should you do if you are concerned about losing your home if you have to go into a nursing home? See an experienced elder law attorney who can help you and your family figure out the best way to reach your goal. There are several different methods of protecting the home that also guarantee you a place to live for the rest of your life. An elder law attorney should be able to help you figure out which method suits your family If you are interested in learning more about protecting your home please go to our web site www.MyFamilyEstateplanning.com for many informative articles. You can also call our office for a consultation at 508-994-5200. ©Surprenant & Beneski, P.C. 35 Arnold Street, New Bedford, MA 02740, 336 South Street, Hyannis MA 02601 and 45 Bristol Drive, Easton, MA 02375. This article is for illustration purposes only. This handout does not constitute legal advice. There is no attorney/client relationship created with Surprenant & Beneski, P.C. by this article. DO NOT make decisions based upon information in this handout. Every family is unique and legal advice can only be given after an individual consultation with an elder law attorney. Any decisions made without proper legal advice may cause significant legal and financial problems.