Quit Claim and Medicaid?

Question

My parents are senior citizens. I plan to buy a condo just for them to live in and put their names and my name on the deed, because it is required by the condo association that the occupant has to be on the title and it cannot be rented until the occupant live there for two years.

Could anyone familiar with elder law or this situation let me know:

1. can my parents file quit claim to remove their names from the title in two years after the purchase?

2. Does it affect their eligibility to apply for Medicaid or Medicare and other financial aid for senior citizens? How? We live in Illinois

Anonymous · Accepted Answer

1.  Sure they can, but it doesn't get them off the hook for the MORTGAGE.
2.  Yes, for Medicaid - they have a five year lookback period, to prevent the exact kind of shady practice you're looking at - hiding assets or passing them to your kids, while asking the rest of the taxpayers to fund your medical care.

Quit Claim and Medicaid?

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