Do we need a quitclaim deed

What is the name of your state (only U.S. law)? california. My father is 93yrs old and has a living trust that he had written for himself and his wife. My mother is now deceased. My two sisters and myself are listed as to who their property and such would go to, the grantees. My question is now that he is 93 and may very well have to be placed in a nursing home in the future(not at this point) we have heard that we should have him quitclaim deed the property to us now to have it out of his name, should placement be necessary. Since I have power of attorney already and my sisters and I are already provided for in the trust, is this step necessary?

crw238 said:

What is the name of your state (only U.S. law)? ....My question is now that he is 93 and may very well have to be placed in a nursing home in the future(not at this point) we have heard that we should have him quitclaim deed the property to us now to have it out of his name, should placement be necessary. Since I have power of attorney already and my sisters and I are already provided for in the trust, is this step necessary?

Click to expand...

"We have heard...." Who did you hear this from?

That would be an asset transfer for purposes of Medicaid eligibility. The lookback period for asset transfers is now 5 years. Doing this may result in a period of ineligibility for Medicaid. Consult an elder law attorney.

(In addition, there are short-term and potential longer-term tax consequences. This would be a gift from your father and would almost certianly require father to file a gift tax return. And, when a gift is given, the recipients receive the cost basis of the donor. If inherited, the beneficiaries' cost basis is "stepped up" to the fair market value of the asset on the day of death. Bottom line, if the residence would later be sold, it is almost always better to inherit than to receive as a gift.)

My father passed

My father passed and after finding out he had a quitclaim deed listing himself and new wife as joint tenants.

this gives her the property through survivorship and would not go through probate.

this is definatly what you want to do.

because of this probate can not touch the property

Paul

2paulm said:

My father passed and after finding out he had a quitclaim deed listing himself and new wife as joint tenants.

this gives her the property through survivorship and would not go through probate.

this is definatly what you want to do.

because of this probate can not touch the property

Paul

Click to expand...

The question had nothing to do with probate.