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Question

My grandma lives with me and my wife she is healthy now at age 81. Grandma would like to gift money to all the family. If she becomes ill in less than the 3 year limit and needs to go to a convolesent home will IRS go after the family for the money granny gave them?

Submitted: 1095 days and 6 hours ago.
Category: Tax
Value: $15
Status: AWAITING CUSTOMER ACTION
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California

Answer

The IRS does not care about this; but Medicaid does.

You can see some rules for that on this link:

http://insurance.lawyers.com/Beware-of-Medicaid-Myths.html

If someting on here does not make sense, just ask again.



Edited by Paul Taliefero on 11/23/2006 at 7:14 PM

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Expert: Paul Taliefero
Pos. Feedback: 97.9 %
Accepts: 
Answered: 11/23/2006

Enrolled Agent

19 years of experience in income taxes

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