What is the b the best way to turn my house over to my 2 daughters in case I get sick and need a nursing home?
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What is the b the best way to turn my house over to my 2 daughters in case I get sick and need a nursing home?
I am now 70 and my wife died last year. If I don’t need a nursing home, then I will be staying here until I die. They still live with me at this time.
Asked on November 28, 2018 under Estate Planning, New York
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You can file a quitclaim deed which releases your entire right, title, and interest in the home to your daughters. The quitclaim deed is signed in the presence of a notary. The quitclaim deed becomes effective upon being recorded (filed with the County Recorder's office).
Don't wait until you are ill to do this because depending on the amount of time that occurs between transferring the property to your daughters, and going to a nursing home, the nursing home may still have a claim against the home for your bills.
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