Legal Question in Elder Law in New Jersey
my parents are both 80, and in failing health each year. Should I put their house in my name, as they might have to go into a Nursing home in the years ahead ?
Asked on 7/31/09, 9:22 pm
1 Answer from Attorneys
Richard Vallario
Richard W. Vallario Law Office
If you do, they may be disqualified from Medicare coverage for the nursing home. You also will have a large capital gain tax when you sell because you would have to use their cost basis as a base. See an elder law attorney. You may be able to do a purchase from them with their taking back a mortgage.
Answered on 8/06/09, 11:05 am
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