Legal Question in Real Estate Law in New Jersey

Transfering Homeownership

My elderly mother is the sole owner of a vacation home. At this time she cannot afford to maintain the home. In her will, the home is to be left to 5 children. Is it better for her to legally turn over the house to the 5 children now? Or do we just share making the payments(taxes utilities upkeep) and keep the house in her name until we inherit it. If she does not want to sell it to us, can she just turn it over to the 5 children? Do we need to actually purchase it, even if it is only for a minimal amount. We are looking for the best way to do this without paying large sums in capitol gains or taxes.


Asked on 3/09/09, 11:40 am

1 Answer from Attorneys
Miriam Jacobson Retired from practice of law

Re: Transfering Homeownership

Your mother should consult an Elder Law attorney. Changing title to the property may compromise her rights if she needs to enter a nursing home in the next few years.

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Answered on 3/09/09, 12:40 pm


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