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I am 87-in poor health but still living in my own home with ...

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I am 87-in poor health...
I am 87-in poor health but still living in my own home with some assistance from my children - my assets are in stocks, bonds,IRAs,etc, and my home is lein free - total estate value approximately 280K - I forsee being forced into a care facility in the next couple of years and this would eat up all my assets with nothing left for my children - how can I gift them each a certain amount prior to moving to a care facility without losing my eligibility for care home services?
Submitted: 9 years ago.Category: Tax
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Answered in 11 minutes by:
4/1/2008
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Hello and thank you for using Just Answer. I am sorry but the government have a 3 year rule about assets being exempt from paying health care facility. You would have to gift your assets 3 year before you are eligibility for care home services.

Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Customer reply replied 9 years ago
marvin - thank you for your response......would this apply to any amount or is there a limit? could I give each of my 3 kids $1000 for their birthday or for Christmas as an example?
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
You can give each kid $12,000 a year tax free.
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Customer reply replied 9 years ago
So, I could give them each $12,000 a year without jepardising any exemption from paying a health care facility?
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
No, only not to pay gift tax. The exemption from health care facility is not a tax issue.
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Marvin,EA
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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