TRANSFERRING THE HOME TO A SIBLING
NJ Long Term Care Planning
The Medicaid code has relatively generous provisions which permit families to shelter a substantial part of their assets from the burgeoning costs of long-term care.
When it comes to a single person’s principal residence, there is a provision, in the code, which allows a transfer of that residence to a sibling. In such an instance, a nursing-home bound individual can convey the title of the home to a sibling provided:
- The sibling has resided there for at least a year.
- Has an equity interest in the home (i.e. the sibling’s name appears on the deed).
In some instances, this can help single people preserve their principal residence.
James E. De Martino is licensed to practice in the State of New Jersey.
Our practice is limited to estate planning, long-term care planning, and NJ Medicaid asset protection.