Gifting
Can my mother gift some of her money to grandchildren? How much per year? She is in a nursing home.....is there a form for gifting?
Asked on 5/11/06, 12:25 pm
1 Answer from Attorneys
Thomas Shigo
The Shigo Law Firm, P.A.
Re: Gifting
Be very careful! Since grandmother is in a nursing home, please consult with an elder law attorney before making any transfers. This could lead to a period of ineligibility if grandmother requires medicaid nursing home services now or at some time in the future. In general, any person can give up to $12,000 to an individual without incurring any federal gift tax liability. If a gift over that amount is given to a grandchild then the generation skipping tax rules apply.
Answered on 5/15/06, 10:13 am
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