You really need to ask an attorney in your state who specializes in Elder Care Law. You can only get opinions on this site...not legal advice. If your husband has been approved for residential Medicaid...or might need to be approved in the future...you don't want to do any transfers of property without proper guidance.
Medicaid will require the sale to be at Market Value. No discounts because he is your son. The proceeds will go to your husbands care. You may be able to get half being the spouse. I really suggest you see a lawyer that specializes in Medicaid. Mainly, to protect yourself.
I live in Texas, this is a tricky question. Is your husbands name on the Mortgage? or Deed? What we found is that if he needs care there is a five year look back with the government. I'm not sure but I think if his name is on the deed and you sell it for fair market price than it should be Ok. If you sell it for any less and he needs care that you can't afford they will look back to see any transactions that has taken place that has his name as owner or part owner and the money will have to be paid back. Please check my answer with others, I do not want to give wrong information but this is what my understanding was. Not sure if it has anything to do with it but we also had my Mothers funds and land put in a trust account. I believe that also had something to do with the 5 year look back but again I do not know. We did that to protect her from people that were trying to get her to sign things over in our absence. Of course we did not do it for gain these items were used to pay for a very nice nursing home. Good Luck
You can only get opinions on this site...not legal advice. If your husband has been approved for residential Medicaid...or might need to be approved in the future...you don't want to do any transfers of property without proper guidance.