Q: Protection for home title in mother's name due to age restrictions in NJ community.
I am 53 years old and want to purchase a home in New Jersey in a community where you must be at least 55 to live, for security and financial reasons. I intend to buy the home with my funds but title it in my mother's name. We plan to transfer the title to me when I turn 55 and live in the home together in the meantime. However, I'm concerned about what might happen if my mother needs Medicaid, enters a nursing home, or passes away before then. Is it possible to create a legal document that would protect my interest in the house and potentially avoid inheritance taxes and use of home assets for her care? Also, what would be the best approach to ensure my ownership or the title transfer goes smoothly if any of these events occur?
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A: That would be a very serious mistake for all the reason you mentioned and more. NEVER ever get another family member or significant other or spouse involved with something you own. In addition a 55+ community will have a home owners associate, which I always tell my clients to avoid like the plague. Pick the best attorney you can find and remember one rule: a good attorney is generally never cheap, and a cheap attorney is generally never good so don't choose based on price. With modern technology, you can be represented by any high-quality attorney in New Jersey irrespective of geography.
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