Can I give them 15,000.00 year and pay their taxes ? Can I give them money to fix up their house if I have to move in their house for a while? I heard you could give so much money to family a year without counting it as spend down??? Thank you for answers kathy
No keep what you have got in your own hot little hands for your own care.
Our "plan" is to live comfortably alone, then when one of us passes, the basement apartment will be used (if needed) as a caregiver's home. OR alternately, the remaining spouse will move to as nice an Assisted Living facility that we can afford.
My kids are ALL financially sound (better off that we are!!) and we have helped them all out over the years and in our dotage, we get to take care of us.
Personally, I wouldn't do the maximum amount, otherwise your family members may start to expect that money each year.
Now, if you have such money to give to give to your grown children, then you don't need to worry about "spending down" because you would be overqualified for Medicaid [which is different from Medicare]. Medicaid is used for people who are closer to living at poverty level, and cannot afford to pay for a nursing home. Or if they are a bit over the level, then they need to spend down, and the spend down is on themselves.
Be careful with the gifting. Assisted Living can cost around $7k per month [depending on location] or $84k a year. My Dad had caregivers, if he had them for a year it would have cost him $240k a year. Remember, you are only 65 years old, and I assume in good health.
Talk with an "Elder Law Attorney" to see if you would benefit from having a Revocable Trust.
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