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Reply to "FIL divested assets and now has no way to pay for MIL's nursing home care."
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[quote=Anonymous]5 year look-back period is only on the 125K, correct? Ethically, BIL should pay back the gift since FIL has to pay the lookback charge. BiL benefitted and probably wants to keep the house which he must currently have title to. However, BIL can't gift all the money back at once either (bc gift tax and financial reality). Is there any legal way to alter the transaction and undo the gift so that father can have a 125K private mortgage which BIL pays off to FIL over time?[/quote]
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