Legal Question in Wills and Trusts in New Jersey

If you agree, you may deed back your interest to your parents. They should first consult with an "elder law" attorney [even if they are not "elderly"] to make sure the transfer back to them of the entire interest in the property does not jeopardize any government benefits they may need in the future.

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

I concur with Miriam, but question why the change of heart? I presume there was/were valid reason(s) for the original transfer and these may still exist. You do not talk about value of the farm, and under our State inheritance tax scheme, your parents or the survivor may be subject to large estate taxes. Federal estate taxes could also be involved as we have no idea what may happen come January1. Gift taxes are also involved, so the entire situation should be discussed with a tax attorney or an accountant familiar with estate taxation. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.