Legal Question in Elder Law in New Jersey

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?

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

1 Answer from Attorneys

Keith Singer Keith A. Singer, Attorney At Law
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You should contact my office for an appointment to discuss this further. I would need more information but one thing is certain, I would need to discuss this issue with your elderly parents directly as they would be the clients.

Keith Singer, Esq. 732-749-3700

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Answered on 6/30/13, 5:04 pm

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