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[quote=Anonymous][quote=Anonymous]My dad (age 78) would like to start closing some of his accounts and gift me and my sister money.  It would probably be around 50,000 each for now.  While my father has accumulated some wealth and has saved well for the future, he would like me to keep the money in an account that could someday be accessed in case he and my mom need it (not enough for assisted living/memory care etc).  What is the best kind of account to keep it in for now.  Most likely it will be mine to keep, but of course if they needed help I would use it to help them.  
Thank you.  [/quote]

I'd say NO on any gift that he wants to be available for use of M/F.  Morally you'd help with expenses later but that means [b]this 50k is not really a gift.[/b] Like you can't use it to renovate a decrepit kitchen or towards a new vehicle or any for new siding or a roof.   And frankly he could decide to use the $ on stuff like that for his residence or vehicle.

If he wants use of the gift then what about any 529's for your children with themselves as account owners?  If so $ can be taken out and they pay penalties/taxes.  But still get use of the cash.

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