Legal Question in Elder Law in New Jersey
New JerseyElder parents age 82 & 89 interest in transferring house to 3 adult children to avoid possible long term care costs eating at bank accounts , & avoid sale of house to pay for LTC in a facility. Tax ramifications to parents & adult children? 5 year rule? House& property,bank acc'ts value $600,000.
Asked on 4/23/12, 10:23 am
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
You need the help of a tax and estate planning lawyer. This is not a "do-it-yourself" project!
I hope this helps!
Ron Cappuccio
Answered on 4/29/12, 12:37 pm
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