Legal Question in Real Estate Law in California

Re: Gifted House in New Jersey

See a tax attorney or tax specialist.

Re: Gifted House in New Jersey

If your mother inharited the property upon the death of her parents, then the basis (for Federal Tax only) would be the value of the property at the time of their death. Since they probably didn't die on the same day, and depending on how they held title, the basis of on half of the property would be based upon the value of the first persons death, and the basis on the other half of the property will be based upon the value on the date of the second person's death.

You cannot "revoke" the gift. I am assuming that the property has already been recorded in the names of all of you.

You do need to find a tax attorney to resolve the problem now.

Re: Gifted House in New Jersey

All drawn up and legal? You might want to consider a malpractice suit against whomever drew it up. Avoiding nursing home cost reimbursement requires more than giving away property. I don't practice in the estate-planning area, but I believe a carefully-drawn special needs trust might have worked.

Also, your question probably involves New Jersey law more than California's -- but it's also Federal (income tax) law.

I think it's probably too late to "revoke" or refuse the gift, especially if title has been changed "of record" and you are assessed and have begun paying the property taxes.

You might want to re-ask your question as one of New Jersey law and under an estate-planning heading rather than as a real estate question.

Finally, I suggest using a living trust rather than simply "inheriting" property. After you have exhausted the possibilities for getting free advice, you (or your mother, if she is willing and competent) should retain an estate-planning specialist -- with a $900K property, it makes no sense to avoid spending a few hundred bucks on professional advice.