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

To: Greta Mc who wrote (17)	4/1/1998 9:27:00 AM
From: Robert Meany	Read Replies (1) \| Respond to of 36

You can give more than 10,000 per year per person and not be taxed. The amount you give is deducted from your final estate, and it exempts the first 600,000. You must file a form 709 when you do this. It can be a little complicated, but your local CPA should be able to direct you. Bob

To: Greta Mc who wrote (17)	4/1/1998 11:12:00 AM
From: Colin Cody	Respond to of 36

Greta, "The attorney (a family friend) warned me that the federal government is cracking down on these type of transactions--ie, if the transfer is being made with the intention of keeping the money and having the government foot the nursing home bill." Absolutely!! I agree 100% Transferring real estate without adequate consideration can be construed to be a FRAUDULANT CONVEYANCE. You should use a GOOD ATTORNEY when doing such planning. My "Thoughts" here are NOT ADVICE. Only a good attorney that you trust should advise. I took the whole of these events to mean that I had an obligation to safeguard the assets since I as a reasonable person should have known that this money would be needed for his care. This was simply my interpretation of what I'd observed. I believe that an aggressive position MAY be taken by some people when they are not on Title XIX, when they have PLENTY of assets, WAY beyond their needs, but they might someday have a problem. If they already HAVE a problem i.e. they are in a home, they have to be ever more careful for EXACTLY the reason your attorney warned you about. THAT SAID, If a home resident had say $300,000 in cash, and the home cost say $2,000 a month, IMO (and I'm not a lawyer) she could take the whole family out on a 3 week delux cruise and spend $50,000 on one last good get-together. It's her money to SPEND. The operative word here is SPEND - not CONVEY. Also, several years ago, my grandmother (lived in New Hampshire) was put in a nursing home and my mother was appointed her legal guardian. I remember that the attorney in that case also stressed the importance her money only for her care---no European vacations with grandmother's money. LEGAL GUARDIANSHIP is WAY TOO LATE for the thoughts I've been mentioning. I wish you well, Colin