Transferring to Childrens' Names

[Mimi249]

What is the name of your state? New Jersey
We live in an over-55 community. We want to transfer ownership of our home jointly to our four children, the oldest of whom is 47. Although none meet the age requirements for residency, may we do this? Can it be put in a trust so our children are not liable if we are sued?

 

[seniorjudge]

What is the name of your state? New Jersey
We live in an over-55 community. We want to transfer ownership of our home jointly to our four children, the oldest of whom is 47. Although none meet the age requirements for residency, may we do this? Can it be put in a trust so our children are not liable if we are sued?

Q: Although none meet the age requirements for residency, may we do this?

A: What do the recorded (at the courthouse) restrictions in your subdivision say about this?



Q: Can it be put in a trust so our children are not liable if we are sued?

A: A trust is an excellent idea but it doesn't stop you or your kids from being sued.