Why work so long?

[cosmo1]

Make sure your son calculates the after exclusion gift tax for your state if you do. I think federal exclusion is still $14,000.

I need to sit down with my financial adviser to see if this is even an option.

There are also federal laws concerning gifting when/if you apply for Veteran's and Medicare benefits.

You may want to talk to an estate lawyer.

 

[UpstateNYUPSer(Ret)]

There are also federal laws concerning gifting when/if you apply for Veteran's and Medicare benefits.

You may want to talk to an estate lawyer.

I am not eligible for Veteran's Benefits as I only served 8 years.

You are right in that there are restrictions on gifting when it comes to applying for Medicaid benefits. They do a five year look back from the application date and will deny benefits if you gave away assets to try to meet their minimum requirements.

 

[cosmo1]

I am not eligible for Veteran's Benefits as I only served 8 years.

You are right in that there are restrictions on gifting when it comes to applying for Medicaid benefits. They do a five year look back from the application date and will deny benefits if you gave away assets to try to meet their minimum requirements.

My bad. I meant Medicaid. I've been dealing with this for my step-father and the wife's step-father for three years.

Just be careful before you gift anything.

 

[UpstateNYUPSer(Ret)]

My bad. I meant Medicaid. I've been dealing with this for my step-father and the wife's step-father for three years.

Just be careful before you gift anything.

My brother and I went through this with our father. You have to be really careful but there are ways to protect assets and still qualify.

 

[olroadbeech]

the best landlord gig would be storage units. lot less pita.

 

[cosmo1]

My brother and I went through this with our father. You have to be really careful but there are ways to protect assets and still qualify.

Been there, done that, Dave.

 

[1989]

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