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Reply to "Proceeds from mom's house"
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[quote=Anonymous][quote=Anonymous]Mom in in her 80s, she will move in with a sibling within the next year. She has money ($400k+) for future medical care. Her house is worth about $500k. We'll take a hit on capital gains, around $20k. Does it make sense to invest the proceeds in her name; or divvy and gift most of it to her adult children? I want to keep the money in her accounts, but not sure that makes the most sense for taxes, etc. [/quote] It seems premature to gift the money since she is still alive and may need assisted living, which is $12k a month. Who will bathe her, help with toileting, buy the adult diapers and bed pads, cook for her, clean up after her (including accidents), give the twice daily medications, put the makeup on, and so on? And do any changes need to be made to the house where she is moving to prevent falls? How much does her health insurance cost? [/quote]
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