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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55591
Experience:  29 years of experience as a tax, real estate, and business attorney.
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Hello My dad is being is undergoing extensive chemotherapy

Customer Question

My dad is being is undergoing extensive chemotherapy for stage 4 lung cancer. The medical bills are growing larger each month. Can he gift away his assets (approx. $40,000) to his different children now and then apply for medical assistance to help pay his bills? He is afraid there won't be any inheritance for his children with all of the medical bills, so he wants to take care of them now. Can he do this?
Submitted: 6 years ago.
Category: Tax
Expert:  Richard replied 6 years ago.

Good evening. Technically, no. But, if he does it bit by bit over a bit rather than one big money dump, it's unlikely they will ever discover it. By the time they get around to suing him, you can just say he is insolvent and has nothing.



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Customer: replied 6 years ago.


Could you clarify...there are 3 children....I understand it can be up to $13,000 per person without tax penalty. Can all 3 get $13,000each now...or does it have to go in smaller increments.....half now? half in 2011?






Expert:  Richard replied 6 years ago.
I would do it in smaller increments...I would do it part this year and part next year.