Legal Question in Real Estate Law in Iowa
My Mother is 94 years old, she has 3 children which she gifts money to every year .from $1000 to $3000 per year. She has a CD worth about $31,000 and checking about $10,000. Her health is failing and she feels she would like to enter a nursing home, but would like her children to have at least a good share of her money. How much can she gift legally without causes any legal conflicts?
Asked on 9/17/12, 6:47 pm
1 Answer from Attorneys
Robert Luedeman
solo practitioner
If she's going to use medicaid or medicare to pay for the nursing home there is a five year lookback period, and anything she may have given away in that time can be clawed back.
Answered on 9/22/12, 11:23 am