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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What about a revocable trust? Does it confer tax benefits but the owner (ie, elderly parent) can still take out some money if they need it?[/quote]

Why? To get under the estate tax cap that it could revert back to in a couple years, you only have to get assets under $13M (6.5 per person.) That doesn’t put anyone in danger of running out of money. Especially not people with a paid off home and long term care insurance.[/quote]

If you are worried about estate taxes, you most likely are not paying for LTC insurance, unless you got in on [b]one that will pay indefinitely[/b] (but those didn't exist for very long and many are out of business due to the costs and won't pay out when you need it).

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OP here. In-laws actually DO have one of these that also has a crazy high COLA. Also, not a troll at all. This is our real actual story. [/quote]

Good for them.  However, I wouldn't rely completely on the LTC policy being solvent when you need them to pay out.  Many many of them have gone under.  There's a reason nobody sells them anymore, it's not financially good plan for the company now that people live past 66/67
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