If you own your home, it is probably your most valuable asset. If this is true for you, it is especially important that you protect yourself if you decide to sell it or give it to someone else.
Whatever the reason behind your decision to transfer title to someone else, this is a big decision and it can impact many things. Below are a few important things to consider.
- Giving your house as a gift can affect your MaineCare eligibility
If you are thinking about giving someone your home in exchange for care, or if you are getting pressured to do this by concerned family members, call an attorney before you act. If you give your house to someone as a gift, you might be denied MaineCare later. Whatever the situation, an attorney can help you to consider the risks and decide if it is best for you. If you are a Maine resident who is 60 or older, call the Legal Services for Maine Elders Helpline at 1-800-750-5353 to talk to an attorney for free.
- Getting “fair market value”
If you decide to sell your house, the price can impact your MaineCare eligibility. If you sell your house for less than “fair market value” you may be denied MaineCare. If you are selling your home to anyone, even a family member, for less than the house is worth, talk to an attorney first.
Also, if you are thinking about giving your house to someone as a gift, you should know that doing so might mean that you will be denied MaineCare. If you are thinking about doing this, you should talk to an attorney first.
Call the Legal Services for Maine Elders Helpline at 1-800-750-5353 to talk to an attorney for free.
- Giving property in exchange for care
This is very risky. If you are thinking about giving someone your home in exchange for care, you need to talk to an attorney first. Although this might seem like an easy solution to your problems, there are several things that can go wrong. Once you transfer the deed, the property no longer belongs to you. This means you have no control over what happens to it. Even if you give it to a person who means well, they could lose the property by mistake. Or, you could be asked to leave at any time. This can be true even if the person promised that you could live there for the rest of your life.
If you are thinking about giving someone your home in exchange for care, call the Legal Services for Maine Elders Helpline at 1-800-750-5353. You can speak to an attorney for free.
