ABA blog-New articles, Newsletters and Community Events: Turning Property Over to Children

Kenneth Vercammen is a Middlesex County Trial Attorney who has published 130 articles in national and New Jersey publications on Criminal Law, Probate, Estate and litigation topics.

He was awarded the NJ State State Bar Municipal Court Practitioner of the Year.

He lectures and handles criminal cases, Municipal Court, DWI, traffic and other litigation matters.

To schedule a confidential consultation, call us or New clients email us evenings and weekends via contact box www.njlaws.com.

Kenneth Vercammen & Associates, P.C,

2053 Woodbridge Avenue,

Edison, NJ 08817,

(732) 572-0500

Friday, November 4, 2011

Turning Property Over to Children

4 Benefits:

(1) Avoid nursing home/ Medicaid getting the house if you have to go into nursing home within 3 years.

(2) Gives responsibility/ up keep to children.

(3) Transfers property to avoid probate.

(4) Children responsible for taxes. _________________

4 Problems:

(1) Children/ new owners can kick you out and sell the house.

(2) If children donít pay taxes or sewer charges, town can foreclose. If there is lawsuit against children, lose house or lien. If child dies, who gets the house?

(3) Lose senior citizen and/or veterans benefits, life line, homestead rebate.

(4) If child does not live in house, possible high capital gains tax.

Legal fees and County Clerk costs for attorney to prepare Deed, Affidavit of Title, 1099 substitute tax form, Affidavit of Transfer Tax exemption and filing with County Clerk $300 when Deed is signed in our office.