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Non-Tech : Estate Planning -- Ignore unavailable to you. Want to Upgrade?

To: Greta Mc who wrote (2)	3/31/1998 8:39:00 PM
From: Colin Cody	Read Replies (2) \| Respond to 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

To: Greta Mc who wrote (2)	3/31/1998 8:44:00 PM
From: posthumousone	Respond to of 36

thanks for responding..... yes there is nothing that can be done to save any of my grandmothers money........my parents tried desperately to talk to her in the past to gift away some but she would not listen and there was nothing my parents could do to change her mind, or was there??? at the nursing home they are on a $40 allowance per month and you cant even bring in toilet paper. at this point i (30 years old) would like to help my parents (both retired, 63 and 67 years old) plan for distrubting there assets (not much) to me and my older sister..... i also have a widowed aunt,73 (my dads sister) who has squirrelled away probably over $500,000......she has no children......she won't tell my dad whats in her will, so at this point it doesnt appear my family is in it.....has everything in bank accounts, not even CDs........she changed the executor of the will from my sister to my other aunts cousin (30, no job, irresponsible type).......she is in good health.......but has done no planning other than give some property in MI to my other aunt...... i have taken the lead, since i am the most educated and finacially savvy family member to attempt to do some planning with her.... any suggestions???? thx to anyone in advance