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lwpat
lwpat, Attorney
Category: Legal
Satisfied Customers: 25386
Experience:  Actively practicing trial attorney
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Can the bank take my retirement savings if they dont want

Resolved Question:

Can the bank take my retirement savings if they don't want to settle for deed in lieu of foreclosure?
Submitted: 5 years ago.
Category: Legal
Expert:  lwpat replied 5 years ago.
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No they cannot and if this is your principal residence and the loan is the original loan, then they cannot obtain a deficiency judgment to attach any of your assets. In any event, your retirement is exempt.
Customer: replied 5 years ago.
Does that include annuities?
Expert:  lwpat replied 5 years ago.
Here is the complete listing of exemptions and it does include annuities that you have had for over two years.

http://www.azb.uscourts.gov/documents/arizona_exemptions.pdf

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Customer: replied 5 years ago.
My grandmother is in a nursing home in MN. She has enough money to pay her way for several years. Can she give gifts of cash or property to her kids and grandkids without penalty? How much/person/year?
Expert:  lwpat replied 5 years ago.
I assume that you want to proceed with a separate question.

Any gifts within five years of filing for Medicaid will make her ineligible for Medicaid benefits for a certain period of time depending on the regulations in effect at the time she applies. She can gift 13,000 per year per person without having to file a gift tax return and there are no taxes of any kind.
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