myhearts07 wrote:How do I add my father to the title to my house? He is going to be staying with us and is retired and I hear that I can get some type of exemption for him being a senior citizen and all. Is this true?
myhearts07 wrote:This may be more state than federal. This is more for tax purposes I can claim him and get an exemption on my tax bill. IF this is true, I hear that I could get as much as $3k off my taxes. I need all I can get.
A word of caution, I don’t know if your dad is on Medicare, but should you dad get ill, become hospitalized, and God forbid, passes away. Medicare can come after the estate for reimbursement of the medical bills. If your dad is on title to your house, your house will be part of the estate.
We found out Medicare secrets when my father got ill. Because he had some money in the bank (his retirement fund) Medicare refused to cover the bills. It was a mess. Luckily the house was in my brother’s name.