Legal Question in Wills and Trusts in Minnesota
Gifts to children
My father is in care facility and will be spending the rest of his life there. He recently sold his house in which he had a life estate interest, whereby he received 34% of the proceeds. He wants to gift this money to his children (5). His concern is that he is near the point of having to go on public assistance to cover the cost of his care. Can he make the gifts and are there any issues when he goes on public assistance?
1 Answer from Attorneys
Re: Gifts to children
Your father may be able to gift some of his money but if he has to go on Medical Assistance within 5 years after the gifts are given, it will likely make him ineligible. There are strategies that your father could use to give away about half of his money and still be eligible for Medical Assistance.
However, this process needs to be done correctly and must be done with full disclosure to the County. This process should be done and monitored by an attorney to ensure that it is done correctly. I practice in the area of Medical Assistance planning and could help your family. Feel free to contact me if you wish.
Tim Stone, attorney5076253000
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