02/23/2026
"The $1.00 Deed"
Over the years, there have been many actions families have taken that have had a tremendous negative impact, but come from a place of caring and concern. None are nearly as bad as the $1.00 deed.
So, what happens?
It's simple. A person is facing the nursing home. Their family wants to protect their home for the homeowner and the family. They choose to transfer the property by selling it - for a single $1.
The problem is that you open yourself to a whole host of issues. Namely, this could be considered a gift. The government then looks at it as the value, not the cost. So instead of $1, it looks at the property's true market value. At that time, Medicaid could be delayed until the 5 year penalty period has passed. Taxation, legal issues and even internal family issues could be a result of this action.
Instead, what should you do?
The best tool for this situation is an irrevocable trust. In this legal tool, we can protect the person's home, protect their family from legal and taxation issues and protect the home from Medicaid.
For more information about nursing homes, protecting your home and helping your family, give Beacon a call this week at (724)603-5337!
