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Non-Tech : Estate Planning

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To: Greta Mc who wrote (2)	3/31/1998 8:39:00 PM
From: Colin Cody	Read Replies (2) of 36

If the rule is 3 years and the cost is $60K per year, then gifting away ALL OF IT TODAY except for the $60K is the way to go... She'll file a gift tax return and pay any State $$$ due (Federal will be 'free'). Then when the money runs out in 3 years, she will be ready for Title XIX assistance. Other things to do is to SPEND IT NOW, but if she is in a home she likely can not really enjoy it. But an idea SOME people use (once the gifting issue is behind them) is to PARTY IT UP. Buy that $90,000 Mercedes (why not?) and take the WHOLE family on a 3 week cruise! Title XIX looks back for GIFTS, but you can SPEND to your heart's content. Colin

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