Please forgive my ignorance, as I do not know much about this. What are the benefits of doing this. As my parents are getting older, they have decided to want to do this as they think if they need to go into a nursing home, the home will take their house if it is in their name. I understand as I will take care of them for as long as I can, sometimes that always can not be done. We live in PA and I believe that it needs to be out of their names for X amount of years. Is it worth doing this? What are the pros and cons if any? If it isn't put in my name and they do go into a nursing home, what happens to the house? Is it sold? What happens if it is not in my name for the amount of years that are required? I don't want to see that happen, as it has been in this family for over 100 years.
Any answers much appreciated. Thank you!