Legal Question in Real Estate Law in New Jersey

Transferring Real Estate to Children

Anyone can prepare a Deed for themselves but it's risky. If it's not done right your intent might not be fulfilled. More importantly, transferring the property might cause you to be ineligible for Medicaid if you need nursing home care within the next three years. It is also usually best for children to inherit real estate through a Will rather than to give it to them during your lifetime because they receive a 'step up' in tax basis to fair market value at the time of your death in the former case whereas they take *your* basis if you deed it to them now. This is a complicated situation involving many areas of law so I strongly recommend you seek the advice of an attorney who practices "Elder Law." Let me know where your located and I may be able to refer you to one. Believe me, the cost of a misstep here would be much greater than the legal fees involved. Good luck.

deed to change legal ownership of house

You do need a lawyer to prepare the deed and other documents required to record it, unless your children will be buying title insurance (then the title company may prepare the deed, but will charge a premium for the insurance based on the value of the property). Fees charged vary, so please consult with an attorney in your area. The attorney should also review your situation to be sure that you do not risk violating fraudulent transfer laws.

From: Miriam N. Jacobsonwith offices also at900 Haddon Avenue, Suite 412Collingswood NJ 08108Voice: 609-885-7775Fax: 215-546-1258e-mail: [email protected]

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