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
Related Questions & Answers
-
Do spousal rights have priority over a neice that has guardianship Asked 7/22/09, 9:46 pm in United States New Jersey Elder Law
-
Is it legal to kill yourself by overdosing on pain medication? can I kill myself... Asked 7/01/09, 3:43 am in United States New Jersey Elder Law
-
Filling out power of attorney when filling documents can you handwrite it? Asked 6/16/09, 6:32 am in United States New Jersey Elder Law
-
Last parent dying My father is dying in NJ at age 84. Ricci & Diva have been... Asked 5/30/09, 1:20 pm in United States New Jersey Elder Law