Can I give my house to my parents?

Yes, but you would have to file a gift tax return. If you are doing it for medicaid reasons, be aware that there is a 5 yr. look-back period for asset transfers.

Yes you are able to legally transfer a house to anyone you want, even if you have a mortgage loan. You would need to check with and use a local title company, for this transfer. We legally transfer property all the time,using a local title company without notifying the mortgage company.

You may not transfer property legally if you are making an attempt at hiding assets.The date would be listed on on signed deed to the property. Once the transfer is found the transfer would be deemed illegal by a judge.

The same applies if you are going through a divorce, you are not able to hide assets from a spouse.

I would not transfer the title to anyone for legal reasons. If you transfer the title to the property to someone else, you lose control of the property. If you would want to refinance or sell the property you would be required to obtain the permission of and have them sign any deed necessary to complete the refinance or sale transfer.

You might want to consider a trust. You would make your wishes known as to who you would want to have to property once you are deceased. In having a trust, you are able to control the property.

You would be required to appoint an executor of the trust. This person would be able to act on your behalf in the event you are physically or mentally unable to do so.

You would want to speak with an estate planner or an attorney that specialize in estate planning.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

Sure. Why transfer it though?

Yes...as long as you don’t have a mortgage, owe the IRS or are the middle of a divorce/separation.