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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.
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 11/28/11 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.
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