Mickleton, NJ Estate Planning Law Firms & Lawyers

I'm not sure if you are asking if you have to pay all of the taxes when your mom dies, or now.  When your mom dies the Estate will be responsible for paying taxes on the house until it is transferred into you name and your brother's name.  The Estate will consist of all of your mother's assets, other than the house, and the money that is in the estate will be used to pay all of her last bills, and costs associated with administration, etc.  One thing you should keep in mind, if you live with your mother, and she ever needs to go into a nursing home, the house is an exempt asset and can be transferred directly to you.

I'm not sure there is ever a "right" time.  There are many things to consider in transferring the house, not the least of which is the potential of some liability of your three children attaching to, or becoming a lien against your house.  There is also the loss of the step up in basis of the value of your house.  In other words, there are complex pros and cons that should be considered, not just the timing.  If you would like to discuss this further, please call my office.

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.