Reply to Parents/in-laws paying estate tax to avoid giving while alive

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[quote=Anonymous][quote=Anonymous]I think they are probably being smart. Yes it will cost in estate taxes but they are probably worried they might need it. Now that i’m watching my dad and aunt aging, I see that unless you are really wealthy there is no guarantee you will have enough money in late life. If you give it to your kids or grandkids and then realize you need it, do you ask for it back? My aunt spends $300k a year for her round the clock care. She never imagined her money would run out in her lifetime but that’s exactly what is likely to happen in a few years. At minimum she will have to sell her home in the next year and I don’t know where she will wind up. She had plenty of money saved. It’s sad and terrifies me. [/quote]

There are much more affordable ways than round the clock care.  Find a good CCRC, pay the $400K+ entry fee and then you are set.  Pay $6-7K/month for independent living, including 8-10 meals per week for a couple.  The only increases when you require more care (assisted, nursing, dementia care) is the extra food for 3 full meals per day.  Otherwise your entry fee covers the anticipated costs.  And with many, should you "run out of money" you still get to stay without paying more and they cannot touch your SS.  So all you need to enter at age 70+ is 1.4M or so.

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