[jodi]

First of all, let me explain that I am NO expert here...just relating my experience. Definitely consult an attorney so you can be aware of all the ramifications of any action.
My grandmother put her house into my mom and aunt's name several years before she passed away. When my mom and aunt sold the house after her death, they had to pay capital gains taxes because they had not lived in the house. Because my grandmother paid so little for the house 50 years ago and sold it for a much, much higher price in a good market, the taxes were not insignificant. Just something to think about.
My parents have put their house, farm, and assets into a trust for us children. This way, it cannot be taken from them if they need nursing care (so long as the waiting period is up - I think they can look back 5 or 6 years for transfers of property), but they will be assured life use. There is a certain term for this trust (irrevocable, I believe), but a good lawyer can help you through the process. However, it's not cheap.