Anonymous wrote:

Anonymous wrote:

Anonymous wrote:wtf? That’s such a dumb idea. Either it’s a gift or it’s theirs, they are making this too complicated. I’d refuse the gift if there’s going to be these strings. Maybe you can set them up with a financial advisor who can help direct them how to best invest their money? There are lots of options for growth that are relatively stable.

No, I get it. If there’s trust and love, this isn’t an issue.

What’s the actual point though? “Here’s $50k. You can’t spend it bc I might need it later, but you take on all the tax implications and work.”
Ridiculous.

There’s no real tax implications or work for a savings account with $50k in it. I agree that op’s dad should work on formal estate planning, but I can understand that he sees this money that will eventually go to op, so no harm in getting it to him early, and it also could help facilitate cashflow down the road if there are issues in the future. In a family where everyone trusts each other, this isn’t a big deal.

Anonymous wrote:

Anonymous wrote:Smd the point is to hide assets from Medicaid?

Ohhh that makes more sense. They are just shady scammers.

You are unnecessarily nasty and awfully judgmental. Be nice, be kind. it doesn't cost you anything.

Anonymous wrote:Smd the point is to hide assets from Medicaid?

Ohhh that makes more sense. They are just shady scammers.

Anonymous wrote:

Anonymous wrote:wtf? That’s such a dumb idea. Either it’s a gift or it’s theirs, they are making this too complicated. I’d refuse the gift if there’s going to be these strings. Maybe you can set them up with a financial advisor who can help direct them how to best invest their money? There are lots of options for growth that are relatively stable.

No, I get it. If there’s trust and love, this isn’t an issue.

What’s the actual point though? “Here’s $50k. You can’t spend it bc I might need it later, but you take on all the tax implications and work.”
Ridiculous.

This is such a small amount. He could have been giving it away $2k a month long ago.

There is a Medicaid look back period (5 years, maybe?) and he is 78...

I guess maybe he assumes he will need a nursing home but why anyone would choose a Medicaid home who has assets I can't figure out.

Anonymous wrote:Break it into smaller cash donations starting now and slowly put it into your bank account. Another one we do is buy gold bullions.

Don’t do gold. Trump just put a 39% tariff tax on Switzerland, where gold is stored to be shipped to USA. Ugh

Agree. If you can't use the $50k because they might need it, then what is the point? They should focus instead on estate planning (wills, POAs, AMDs).

He needs to give you maximum gift amount every year. Easy.

Smd the point is to hide assets from Medicaid?

Anonymous wrote:wtf? That’s such a dumb idea. Either it’s a gift or it’s theirs, they are making this too complicated. I’d refuse the gift if there’s going to be these strings. Maybe you can set them up with a financial advisor who can help direct them how to best invest their money? There are lots of options for growth that are relatively stable.

No, I get it. If there’s trust and love, this isn’t an issue.

wtf? That’s such a dumb idea. Either it’s a gift or it’s theirs, they are making this too complicated. I’d refuse the gift if there’s going to be these strings. Maybe you can set them up with a financial advisor who can help direct them how to best invest their money? There are lots of options for growth that are relatively stable.

Your parents can gift you $19,000 per year ($38,000 for both mom and dad) without having to file any paperwork. If you have a spouse, that doubles to $76K.

Assuming that's the case, you could put that money in a separate brokerage account and invest in fixed income securities so it doesn't lose value. You'll have to pay taxes on any earnings which you could withdraw (or not). otherwise, let the money grow and have it available for their use. What you invest in also depends on the likelihood of them needing that money.

Break it into smaller cash donations starting now and slowly put it into your bank account. Another one we do is buy gold bullions.

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.