Fortescue, NJ Estate Planning Law Firms & Lawyers

You seem to have a good handle on what needs to be done - your instincts are correct.  If your uncle is unable to afford care, then yes, you can remove him from the home, and his absence from the home with extinguish the life estate.  he can also voluntarily give it up, or you can do that for him using the POA.  The sale of the property will be a bit more complicated than a normal sale because of POA and the life estate, but not anything that could not be handled by a competent attorney.  Where are you located?  I would be happy to help you with the sale.  You will also need a Medicaid consultation in that the monies you get from the sale may not have to be used for your uncle's care, depending on how you inherited the remainder of the property.  Feel free to call my office.  Good luck !

In New Jersey you will only pay estate tax on any amount over $675,000 and inheritance tax if you are not a Class A beneficiary. You are a Class A beneficiary as a child of the decedent.

You should definitely speak to someone about this transaction.  By putting the house in your name, you might be able to do some Medicaid planning, provided that your in-laws live in the house with you for at least two years prior to them needing Medicaid.  there is a section of the federal law that would allow for the house to be exempted, but it is a bit too complicated to explain here.  If you are in monmouth or Ocean counties, call my office.  Thoerwise,  look for someone who is a Certified Elder Law Attorney (CELA) who can explain the real estate, taxation, and Medicaid sides to this transaction.