Legal Question in Elder Law in New Jersey

Gifts from elderly

Hi,

My brothers and I feel that my mother may have to be placed into a home for the elderly soon since she is diagnosed with early Altzheimers, she is 85 years old. She has approx $100,000 in the bank and my brother has a joint account with her. My question is how much can she give the 5 sons as monetary gifts legally? I've been told we could each be given $10,000 each but I'm not sure if we have to do it within a certain period of time before she goes into the home. I heard something about 3 years before? I know the ''home'' will take her assets after she is placed in there as a resident.

Any insight you could provide would be helpful. Thank you very much......Dave


Asked on 7/01/01, 12:00 pm

1 Answer from Attorneys
Pamela Polifron Selesner & Polifron, P.A.

Re: Gifts from elderly

Dave:

Based on your posting, it appears that you are seeking advice regarding Medicaid planning for your mother. Planning for Medicaid benefits in NJ should not be done without seeking the advice of a NJ elder law attorney because of the complex rules regarding Medicaid eligibility. There are alternatives to gifting of assets such as making expenditures for non-countable resources. If you would like to discuss this matter confidentially, you may contact our office. We do not charge for initial consultations.

Pamela C. Polifron, Esq.

Selesner & Polifron, PA

225 Millburn Avenue, Suite 208

Millburn, NJ 07041

(973) 467-8000

member of National Academy of Elder Law Attorneys

Read more
Answered on 7/02/01, 2:51 pm


Related Questions & Answers

More Elder Law questions and answers in New Jersey