How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ray Your Own Question
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42172
Experience:  Texas Attorney for 30 years dealing in real estate
Type Your Real Estate Law Question Here...
Ray is online now
A new question is answered every 9 seconds

Does this free "Life Estate Deed" form on comply with th

Customer Question

Does this free "Life Estate Deed" form on comply with the real estate laws in NJ?
How much does it cost to complete a Life Estate deed?
Need to move my elderly parents assets so as to make them eligible for certain programs.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ray replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
You can do a ladybird aka enhanced life estate deed here to have parents keep life estate and remainder passes directly to you outside of probate.Medicaid here in NJ would not be able to file a claim because it passes directly to you outside of probate.This is also exempt from look back issues because they keep a life estate.
The other advantage is the life tenant since they have ownership for their life has lower taxes as a senior..
I use these forms.There is a small fee but they come with instructions/self help and are accurate for NJ..
But the form you reference meets the requirements as well.
As you can see here below NJ medicaid recognizes such a deed and will not penalize the parents.
I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.
Expert:  Ray replied 2 years ago.
You need to record the POA for the parents here as well as the life estate deed in the county where the property is located.
One more reference to the life estate concept..
Thanks again.
Expert:  Ray replied 2 years ago.
If you have any other medicaid related follow up please just ask.I know this can be overwhelming.It is not a problem.
If you can leave a positive rating when we are done it is always much appreciated.Thanks again.
Expert:  Ray replied 2 years ago.
More about NJ medicaid here as you can see they would allow such a transfer and estate recovery cannot claim it because there is no probate.
Let me kn ow if you have more here, I have been doing elder law for over 25 years and medicaid related issues .