Legal Question in Wills and Trusts in Minnesota
my father is an independent 93 year old. He has a CD that is maturing soon at $120,000 and $40,000 in a savings account. He also owns his own home.
How and should he distribute this CD pay the least tax on it? Should he somehow distribute the savings and have us pay his bills?
1 Answer from Attorneys
With the age and situation of your grandfather, you really need to talk to a lawyer. Your grandfather should not only be concerned with tax issues but he also needs to consider asset preservation if he ends up entering a nursing home. If you are thinking of transferring the assets and having you pay his bills, this needs to be done correctly and should be done with the assistance of an attorney. If you would like to discuss your situation give me a call at 507-625-3000. I do not charge for the initial telephone consultation. Thanks Timothy P. Stone, Chesley, Kroon, Harvey and Carpenter, P.L.L.P. [email protected] .
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