Posted on: 06th Nov, 2010 11:15 am
My 97 year old aunt will need to go on Medicaid soon as she enters a Nursing home. She has about $8,000 and a mortgage free condo worth about $125,000.
I have power of attorney and am the execitor of her will. She wants to give gifts of cash to me and a friend before she has to go to the nursing home.
We have both helped her stay in her condo by bringing her food and taking her to apointments and at times stayed over night to help her. When we can not stay with her we hire a care giver at $105 a day.
If she goes in a nursing home I know a lien is placed on the property, but what about the gifts? Is this allowed?
Or could she pay us when we do the care giving? My aunt is of sound mind and judgement and insist on us taking the money as gifts, although we havn't done so yet.
I have power of attorney and am the execitor of her will. She wants to give gifts of cash to me and a friend before she has to go to the nursing home.
We have both helped her stay in her condo by bringing her food and taking her to apointments and at times stayed over night to help her. When we can not stay with her we hire a care giver at $105 a day.
If she goes in a nursing home I know a lien is placed on the property, but what about the gifts? Is this allowed?
Or could she pay us when we do the care giving? My aunt is of sound mind and judgement and insist on us taking the money as gifts, although we havn't done so yet.
Hi Kirkaldy ,
Welcome to mortgage fit,
Every individual can offer the gift to any person up to an annual limit of 13K without paying any gift tax on it.
So if your aunt is giving money to you as a gift that is perfectly fine and you can accept it in the form of cash.
Feel free to ask any further query if you have..........
DIPA
Welcome to mortgage fit,
Every individual can offer the gift to any person up to an annual limit of 13K without paying any gift tax on it.
So if your aunt is giving money to you as a gift that is perfectly fine and you can accept it in the form of cash.
Feel free to ask any further query if you have..........
DIPA
mitsubishi air conditioners
:)