Spinoff: Adding adult children to house deed pro/con

I occasionally see where people have done this and wonder if I'm missing on the benefits.

I've read that this is a bad idea because you lose stepped up basis at death and home is subject to bankruptcy, creditors, divorce settlement, legal judgement etc for all owners. Any implications for Medicare/Medicaid eligibility?

My parents are getting older I need to start helping them make better arrangements if will and beneficiary forms are insufficient. They have simple estates primary home, 401k and few if any debts. One is remarried so less concerned w how theirs is handled.