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Warranty Deed for Parents to Child with Reservation of Life Estate Kansas Form

Warranty Deed for Parents to Child with Reservation of Life Estate Kansas Form

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In many families, it's customary to pass on the family home to surviving children after the parents' death. You may be considering how to give your child or children your home without the sting of taxes later. It is possible, and there are a few ways to accomplish it, but it takes some advanced planning to make sure everything happens in a way that provides the most benefits to your family. You may be concerned about Medicaid “taking your house” or spending down your assets to receive Medicaid benefits. “Estate recovery” occurs after your death, when the state goes through your assets to recover costs of your long-term nursing home care while you were alive. Since a house is often the only major asset many individuals have, frequently, the home is sold and the funds are used to repay Medicare; however, you can protect your home from a Medicaid estate recovery and sale. One way to pass a home to your child or children is to make a will and designate a beneficiary

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