Legal Question in Wills and Trusts in New Jersey

My wife passed away recently. She owned the house we lived in, only her name (her married name, same as mine) is on the deed. We were living together at the time of her death. Her wishes were that the house be passed on to her children (my stepchildren) but that I should be able to live in it as long as I wished. Her daughter is executrix of the will. Her former husband has no claim on the property as she acquired it after their divorce. It seems that rather than her children inheriting now, it would benefit all involved if I could be made temporary owner. That is, I would become owner of the house but only until I left it, either due to death, marrying someone else, moving to a nursing home, etc. Correct me if I'm wrong, but we would be able to put off any estate or income taxes on the house until the children actually take ownership and I could continue to pay the property taxes (and take the deduction), home insurance and cover the house under my umbrella insurance. But, we would not want the state, for example, to take the house in the case I need nursing care or for someone else to take it in a judgement in case I were sued, for example. Is there a way such an arrangement could be made? I don't need all the details now but if it is possible and the benefits as I described them would accrue, we would likely need to seek out a lawyer to work it out. I'd just like to know if what I'm suggesting is reasonable or not before I waste my time doing it.


Asked on 7/12/15, 5:57 am

1 Answer from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

There are several ways for you to accomplish what you are trying to do. The simplest way, it seems to me, if the children are agreeable, is to just have you living there under a long term lease arrangement. The "rent" could be the cost of maintaining the house (taxes, insurance, etc.) If the house is in your name, it is possible that same would be subject to a lien for your expenses should you need to go into assisted living. Also, there could be some serious tax consequences by transfer of the property to you and then back to your step-children. The bottom line is that you need to talk with a skilled attorney who does this type of work, who practices in your geographic area.

Keep in mind that this advice is based purely on the little bit of information that you have given to me. There certainly may be other factors that would change my opinion. Further, no one can rely on advice from an attorney who has not been retained. You will only be able to rely on advice from an attorney who you have actually retained. Good luck! Rob Gleaner

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Answered on 7/12/15, 8:54 am


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