The TOD deed is ideal for a single person whose only assets is his or her home.
HUNTINGTON BEACH, Calif. (PRWEB)
December 14, 2017
California’s legislature passed a new law creating a revocable, transfer on death deed for real property and changed the Medi-Cal recovery claim rules. These two changes protect the family home from probate and from claims for reimbursement for State Medi-Cal expenditures. Tip Sheet by Deed and Record explains how these two changes work.
A “revocable transfer on death deed” also known as a (“TOD Deed”) transfers on death the family home owned by one person to other people named on the deed. While alive, the owner maintains control of the family home, property taxes remain the same and the deed can be revoked at any time. The TOD Deed does not affect eligibility for Medi-Cal.
Medi-Cal reimbursement rules changed beginning in the year 2017. Only assets transferred in probate are subject to claims for reimbursement for State Medi-Cal expenditures. Assets transferred outside of probate are not subject to reimbursement claims. A TOD Deed avoids probate and as a result avoids Medi-Cal claims on death.
California law created the TOD deed effective in the year 2016. In 2017 California law limits claims for Medical reimbursement only to assets that are probated. A TOD deed avoids probate. The TOD deed is ideal for a single person whose only assets is his or her home.
This Tip Sheet was provided by Mark W. Bidwell, a California attorney located in Orange County, California. Office is at 4952 Warner Avenue, Suite 235, Huntington Beach, CA 92649. Phone number is 714-846-2888. Mr. Bidwell markets over the internet with website http://www.deedandrecord.com.