Follow
Share

Per my father's will, the family house will be left to my sister and myself. It has been my primary and legal residence for over 40 years. My married sister owns her own home. Our relationship is good and loving. By default, I have been primary caregiver to my parents. My mother passed last year. My 92 year old father is capable of taking care of personal needs and is doing well. I intend to continue living at the residence. My question is if the house should be re-titled for our joint ownership or as and "estate of "property. What are the inheritance and tax issues (NJ)? I realize that the tax and maintenance issues will have to be worked out between us. But, my initial questions is the house title. Do I need a real estate lawyer to handle the process.

This question has been closed for answers. Ask a New Question.
Find Care & Housing
You need an eldercare attorney to advise on this. One who is well versed in the eligubility for Medicaid in your state.

It may be that you will be able to care for your dad for the next 10 years or so, but it might also be that your health fails, or that he becomes unmanageable, and requires Medicaid to pay for a nursing home or inhome caregivers.

Mistakes in retitling homes can be extremely costly. Find a certified eldercare attorney for this.
Helpful Answer (3)
Report

Yes, as Jeanne says see an elder law attorney one that specializes in Medicaid planning. Do not tranfer the house without consulting an attorney. Maybe it would be wise for him to purchase a long term care policy if he can qualify.
Helpful Answer (1)
Report

Whoops, as Barb said. Still waking up here.
Helpful Answer (1)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter