Legal Question in Wills and Trusts in New Jersey

Yes. They can "sell" the property to the child and file a new deed. The child then would become legally responsible for all taxes, etc with regard to the property. There are some other considerations which should be discussed before doing so. Please contact my office to discuss this matter further. My telephone number is 732-663-1500.

Thank you.

Yes. However there are several different ways this could be doneand an attorney, like myself, familiar with estate matters and real estate, should be consulted to see it is done correctly, your parent's right to continued occupancy is protected, costs of maintaining and carrying the home and responsibility therefor is clearly specified, etc. If you need more information or assistance, contact me directly.

Yes, however there are significant estate, gift and income tax considerations as well as potential medicaid transfer rules and possibly creditor protection issues [i.e. the children's creditors could have n interest in the house post-transfer] that should be carefully reviewed before such a significant transfer is completed.

I strongly suggest you meet with an estate planning attorney before taking such an important step...the downside costs of a mistake can be substantial.