gifting
how much can my dad gift me each year? he lives in assisted living, and pays his own bills?
Asked on 9/12/07, 11:23 pm
2 Answers from Attorneys
Russell Golowin
Golowin Legal, LLC
Re: gifting
If your dad is concerned about protecting his money from nursing home costs, giving away money is one of the last things he should do at this point.
Gifts will create a "penalty period" where he wouldn't qualify for Medicaid nursing home care for a period of time.
If your father is concerned with having to spend all of his assets he should learn all the mistakes that can be made, such as gifts you describe.
If you'd like more information, feel free to contact me or visit www.golowinlegal.com.
Answered on 9/15/07, 2:13 pm
Nancy Fioritto Patete
Nancy Fioritto Patete, Esq.
Re: gifting
For 2007, it is $12,000 to each person.
Answered on 9/13/07, 8:11 am
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