Should You Give Your House Away?
A house is typically one of the most valuable assets someone owns, both financially and sentimentally. It makes sense then that, out of love and generosity, many parents want to give their houses to their children during their lives or pass them down as an inheritance. It's difficult to imagine that giving your child your family home could backfire, but it might -- especially if you do not understand all the pitfalls and benefits.
Passing on a home can be a complicated matter, and doing it at the wrong time, in the wrong way or for the wrong reasons can have significant consequences for both parents and children.
A primary reason someone might think about transferring their house to a family member has to do with Medicaid. Nursing home costs continue to rise, and many people want to be able to qualify for government
