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Started By
Message
Okay guys, I need help.
Posted on 11/27/11 at 8:31 pm
Posted on 11/27/11 at 8:31 pm
My father-in-law just had stroke, but is going to live. He is in terrible health overall but is capable of making his own decisions. My wife is his only kin and is getting everything he has when he dies. His retirement pays him approx. $6000 a month. He refuses to go to an assisted living place because he wants my wife to get all of his money instead of the facility or govt. He probably has around 500k in cash and assets. His retirement income would cover his monthly expenses at the assisted facility.
Can he just "gift" my wife his money since it doesn't exceed the 1 mil lifetime gift max?
Whats the difference between "gifting" it to her and her just inheriting it?
We don't know what to do. Although we want to avoid taxes as much as possible that is not our main concern. If we can convince him that his money is safe from the government in my wifes hands he would go to the facility.
Any advice would be much appreciated.
Can he just "gift" my wife his money since it doesn't exceed the 1 mil lifetime gift max?
Whats the difference between "gifting" it to her and her just inheriting it?
We don't know what to do. Although we want to avoid taxes as much as possible that is not our main concern. If we can convince him that his money is safe from the government in my wifes hands he would go to the facility.
Any advice would be much appreciated.
4
Posted on 11/27/11 at 9:01 pm to ImOnTheBoat
quote:
Any advice would be much appreciated.
Spend some time consulting with an estate attorney.
Posted on 11/27/11 at 9:42 pm to LSURussian
Change your title to "Poodlebrain, help please" and he will have most of the answers you want to know.
In the end, Russian is exactly right.
In the end, Russian is exactly right.
Posted on 11/27/11 at 11:05 pm to lynxcat
Living Trust with your wife named as the sole executor.
The trust will be legally bound-and your wife as executor will be as well-to carry out & execute the trust once he's gone.
Will's are easily disputed & tied up in court by people who may-but oftentimes do not even come close to-having a vested interest in a large estate. Sometimes, folks come out of the woodwork when someone passes & they know they had ducats. Friends, neighbors, housemaids, anyone.
If it goes to probate, the judge gets to decide, regardless of what your wife's family member wanted.
I'm not trying to practice law without a license. I saw this work out in real life. Horrible situation, really.
Living Trust with them as co-executors while he's living, & then passed on to her as sole executor with a will-like instruction set for her to follow when he's gone.
The trust will be legally bound-and your wife as executor will be as well-to carry out & execute the trust once he's gone.
Will's are easily disputed & tied up in court by people who may-but oftentimes do not even come close to-having a vested interest in a large estate. Sometimes, folks come out of the woodwork when someone passes & they know they had ducats. Friends, neighbors, housemaids, anyone.
If it goes to probate, the judge gets to decide, regardless of what your wife's family member wanted.
I'm not trying to practice law without a license. I saw this work out in real life. Horrible situation, really.
Living Trust with them as co-executors while he's living, & then passed on to her as sole executor with a will-like instruction set for her to follow when he's gone.
Posted on 11/28/11 at 12:17 am to ImOnTheBoat
put it in my name
Posted on 11/28/11 at 10:27 am to GFunk
quote:
Sometimes, folks come out of the woodwork when someone passes
This.
My wife thought she was an only child. Then when her dad died 3 years ago an unknown half-sister appeared as if by magic.
Posted on 11/28/11 at 1:01 pm to ImOnTheBoat
The lifetime gift and death exclusion amount is 5 million for the time being. Their unified now, so it's one amount you can give during life or leave at death. Do yourself a favor and see an attorney who does estate planning. You will need one to do a revocable "living" trust, which work well in most states. Also, given the stroke and bad health, you could have capacity issues that you would want to consider and protect against a challenge to whatever is done.
Posted on 11/28/11 at 1:03 pm to ImOnTheBoat
quote:
instead of the facility or govt
Under which scenario does the government just get the money?
Who is paying his medical bills? Seems like they would be high with a stroke.
Posted on 11/28/11 at 1:44 pm to Tiger JJ
He has good insurance. He is a retired government employee. He just refuses to go into a nursing home/assisted living place because he's afraid they are going to take his money, house, etc. But I'm pretty sure his monthly retirement income will cover any of his expenses if he were to go to a home. He just can't get that through his head. He wants my wife to get all of his money.
I understand living trusts and everything but he is wanting to dump as much money as he can now. Im needing to know how he can get rid of it legally.
I think, but am not sure, he can give away $13,000 a year in gifts to whomever he wants with no penalty. So if I'm understanding it right, he can write my wife, my daughter, and myself a check for $13,000 as a gift every year to get rid of it with no tax ramifications.
And I have been in touch with an attorney.
I understand living trusts and everything but he is wanting to dump as much money as he can now. Im needing to know how he can get rid of it legally.
I think, but am not sure, he can give away $13,000 a year in gifts to whomever he wants with no penalty. So if I'm understanding it right, he can write my wife, my daughter, and myself a check for $13,000 as a gift every year to get rid of it with no tax ramifications.
And I have been in touch with an attorney.
Posted on 11/28/11 at 2:08 pm to ImOnTheBoat
quote:
He has good insurance. He is a retired government employee.
Yet he doesn't want "the government" getting it.
I love these old timers.
Good luck!
Posted on 11/28/11 at 2:13 pm to Tiger JJ
Yeah, i know. He's so damn stubborn. Super nice guy, really like him. But he can be a strange, stubborn man sometimes.
Posted on 11/29/11 at 4:03 am to ImOnTheBoat
My parents moved to a Independent Living/Assisted Living Community (St. James Place - B.R.) about 7 years ago, had been planning for move for several years before that. You need to get a Medical Power of Attorney so that you can enforce what his wishes are. My wifes' parents are similar age but want to live in thier home, he has medical issues with Parkinson's and they spend 2½ to 3 times a month what my parents spend with having to provide 24 hour care. It is much more expensive for older individuals to try and stay in thier home that to move to care facility.
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