Per my father's will, the family house will be left to my sister and myself. It has been my primary and legal residence for over 40 years. My married sister owns her own home. Our relationship is good and loving. By default, I have been primary caregiver to my parents. My mother passed last year. My 92 year old father is capable of taking care of personal needs and is doing well. I intend to continue living at the residence. My question is if the house should be re-titled for our joint ownership or as and "estate of "property. What are the inheritance and tax issues (NJ)? I realize that the tax and maintenance issues will have to be worked out between us. But, my initial questions is the house title. Do I need a real estate lawyer to handle the process.
It may be that you will be able to care for your dad for the next 10 years or so, but it might also be that your health fails, or that he becomes unmanageable, and requires Medicaid to pay for a nursing home or inhome caregivers.
Mistakes in retitling homes can be extremely costly. Find a certified eldercare attorney for this.