New Jersey  |  Elder Law

Legal Question

Asked on: 2/22/13, 9:15 am

My elderly parents who are in there 80's have 250K in their money market. I am their youngest daughter of 5 and my family is pressuring me to transfer these funds to avoid the State/County from taking it all if my parents end up in a nursing home. What can I do to take this account out of their names without paying taxes out of our pocket? Or would it be best to set up a trust?

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