I would not recommend doing either of those actions, unless advised to do so by an Elder Law Attorney. Having your child on as a joint owner of your assets can make you ineligible for Title 19 because Medicaid will consider that transaction a gift. Additionally, if you have more than one child and do the above, once you die there is a greater likelihood of litigation in the family. The assets you placed jointly with one of your children will vest 100% to that child, excluding the others. This can cause the other children to seek legal advice and challenge the transfer alleging that it was a transfer for convenience only.
In order to avoid Probate can’t I just put one of my children on my bank accounts and on the deed to my house?
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