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Ray, Lawyer
Category: Legal
Satisfied Customers: 38298
Experience:  30 years in civil, probate, real estate, elder law
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If u want to relocate money from a cd and money market, can

Customer Question

If u want to relocate money from a cd and money market, can u add it to your life lns policy without it looking like you were gifting
Submitted: 1 year ago.
Category: Legal
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.

Are you really wanting to gift this to a relative or friend?Some more information here please.Are you worried about medicaid here or not??

Customer: replied 1 year ago.
Customer: replied 1 year ago.
Where is my answer
Expert:  Ray replied 1 year ago.

I was wondering if you can give me more information here about the situation.Are you just wanting to gift it to someone, is medicaid a potential issue.

Customer: replied 1 year ago.
I answered you and you did not answer me
Expert:  Ray replied 1 year ago.

You can add funds to your life insurance here if you choose to do so.

You can also gift to a relative, the lifetime exemption is $5,430,00 so there would be no taxes.Anything over $14k a year you report it for informational purposes only again no gift taxes under the lifetime limit.

Medicaid does have a five year look back on something like this, thats why I asked if medicaid was involved.

If medicaid is not involved you can withdraw it and add to your life insurance or simply gift it to whoever you want here.

Please follow up I want to make sure I answered your question completely and any follow up.Thanks again.

Expert:  Ray replied 1 year ago.

And sorry did not get your follow up it did not go through.

Expert:  Ray replied 1 year ago.

If you have more here please just post it and ask anything about your situation.