Legal Question in Wills and Trusts in California

Protecting Grandparents assets & gifting money

My grandparents have about $121kin cash & have become ill, having to move from senior housing to a full-care facility. The monthly payments are going from $2,600 to $5K. We want to apply to Medical to help but we have to drain their assets to be under $3K/month (grandpas pension is $2,500). My dad & I have opened a joint checking acct & our idea is for my grandpa to gift his money to us. We need to know how much money can be gifted to a person per year before it has to be included on income tax returns. Will doing this send up red flags on my grandfathers income tax returns? Thank you for your help.


Asked on 11/06/06, 1:16 pm

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Protecting Grandparents assets & gifting money

you will need to consult with an attorney before taking any action. there is a "lookback" period for gifts and transfers to trusts for medicare/medical purposes which could apply.

Read more
Answered on 11/08/06, 2:41 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in California