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She can gift you to $15,000 yearly to each of you without any problem. Any amount over requires IRS Form 709 to be filed with her yearly income tax.
She can also gift you any amount over, up to the $3M if she wants. This requires IRS Form 709. There is a lifetime limit of gifting of $11.58M in 2020. What the 709 does is keep a running tab on her monetary gifts to you. IF she exceeds the lifetime limit, it will trigger a gift tax rate ranging from 18% to 40%. If that was to happen, she would be liable for this tax..and if not paid, it could come your responsibility to pay. We aren’t talking that amount of money...but it is always best to do your research and speak to a certified tax professional. A review of the IRS website is also helpful.
One of the things that irks me is people who have saved all their lives and have accumulated a rainy day fund of size and then the kids think the elders should get a crappy nursing home paid by Medicare instead of a nice place paid by the rainy day fund. How unfair to the elder!
And if you think that having paid taxes to pay for "free" nursing homes is unfair, then they should add up all the benefits they received from the government. I bet we all come out ahead by paying for our military to protect us, even eliminating benefits of free health insurance after 65!
Does your mother have dementia? If she does not she can do whatever she likes with her money. However, it is to my mind immoral for children to accept money gifted by a parent who may need it for his or her own care in her lifetime. Your mother could have 15 years of life left. If she requires memory care it could easily cost her at least 10,000 a month to live out those years year. She could require 24/7 nursing care during that time should she fall ill. Your Mom is extremely lucky to approach these years with this kind of money. It is rare. The money, in my humble opinion, should be hers during her own lifetime.
Heck, mom can afford one on one care in her home. At a cost of 12K a month, 144K a year she has enough money for 20 years! But, that doesn't change things, her money is first an foremost for her care.
Why in the world would she want a Medicaid nursing home? Ask her that question, take her to a few, then ask her if she wants that or to stay home with her own caregivers. Doesn't make any sense at all.
gladimhere- A little over 7 years ago my parents were living in a two bedroom IL apartment. Towards the end of my dads life they were paying for 18 hours of agency provided caregivers a day. We were working to make it 24 hrs a day when he passed.
Anyhoo - the cost of the caregiver(s) at 18 hrs a day was running about $18,000 a month. Then, there was the rent - another $4,000. And, of course the insurance(s), food, random bills - probably another $1,000 easily. For a grand total of over $23,000 a month.
But still, you are absolutely correct in saying that this level of care is well within this old gals budget - even at the higher cost and providing she didn’t make it into The Guinness Book of Records for life longevity. Her owning her house outright makes it even more within her means.
AND, you are absolutely 1000% correct in saying every penny of the $3.0+ million should be spent solely on her care and comfort. WAY BEFORE a dime is gifted to anyone.
She can gift as long as she is not incapacitated. Brother as POA cannot make that decision for her as that places him in a conflict of interest position and could be found to be undue influence of an at risk elder. I think mom needs an attorney that is looking out for her welfare, that is not brother's attorney that may be questioned on ethical conduct.
You seem to not trust what is occurring, go with your gut instinct, as I think you are correct, and get an attorney that will watch out for mom. I see red flags.
I am really concerned about this whole thing when the OP says her mom doesn't know what is going on.
Right there tells me that the time for gifting is over and everyone has to wait for their inheritance. She can not competently make this decision and that makes it illegal.
You know that what your brother is doing is wrong and that you should contact APS and protect your mom and ensure that she gets the care her money will afford her.
If this lady has $3 million and a paid off $375,000 house why are you worried about Medicaid? She should have adequate funds to pay for her own long term care.
Your mother should use her money for her long term care. She is in a very good position to hire home care aides and nurses in the comfort of her own home, or a good Assisted Living Facility if that is what she desires. How wonderful! If she gives half of her money away, and she lives a very long life she might need those gifted funds in the future. Sounds fishy to me about your brother. I agree with Rainmom 100% money to be spent on the care and comfort for your mother before any money is gifted. She saved for a rainy day, let her use it for herself! Keep an eye on your brother, a red flag definitely!! Your mother is in very good position, but with greed can quickly turn sour. Does your mother have an elder attorney? Keep an eye on your brother, Rhnjr.
RH, when you ask "is it legal", what are you REALLY asking?
Are you asking if mom can gift away her money and not get put in jail? Then yes, she can, as long as she pays the taxes owed.
She can gift away as much as she likes if she doesn't need public assistance like Medicaid for 5 years (or, has enough money stashed away for her care from now on; if she needs Medicaid, there will be a 5 year look back--meaning that if she lives for 10 years and is fine (and has paid all her expenses but THEN needs care, she needs to pay those 5 years additional years on her own until Medicaid kicks in a cent).
My questions about her asset allocation go to the rate of return she is getting on her 3 million currently. At a 5% SWR, she can spend 150K per year on expenses (including care) and not touch her principal. Not sure why you and your brother want to deplete her principal.
By proceeding, I agree that I understand the following disclosures:
I. How We Work in Washington.
Based on your preferences, we provide you with information about one or more of our contracted senior living providers ("Participating Communities") and provide your Senior Living Care Information to Participating Communities. The Participating Communities may contact you directly regarding their services.
APFM does not endorse or recommend any provider. It is your sole responsibility to select the appropriate care for yourself or your loved one. We work with both you and the Participating Communities in your search. We do not permit our Advisors to have an ownership interest in Participating Communities.
II. How We Are Paid.
We do not charge you any fee – we are paid by the Participating Communities. Some Participating Communities pay us a percentage of the first month's standard rate for the rent and care services you select. We invoice these fees after the senior moves in.
III. When We Tour.
APFM tours certain Participating Communities in Washington (typically more in metropolitan areas than in rural areas.) During the 12 month period prior to December 31, 2017, we toured 86.2% of Participating Communities with capacity for 20 or more residents.
IV. No Obligation or Commitment.
You have no obligation to use or to continue to use our services. Because you pay no fee to us, you will never need to ask for a refund.
V. Complaints.
Please contact our Family Feedback Line at (866) 584-7340 or ConsumerFeedback@aplaceformom.com to report any complaint. Consumers have many avenues to address a dispute with any referral service company, including the right to file a complaint with the Attorney General's office at: Consumer Protection Division, 800 5th Avenue, Ste. 2000, Seattle, 98104 or 800-551-4636.
VI. No Waiver of Your Rights.
APFM does not (and may not) require or even ask consumers seeking senior housing or care services in Washington State to sign waivers of liability for losses of personal property or injury or to sign waivers of any rights established under law.
I agree that:
A.
I authorize A Place For Mom ("APFM") to collect certain personal and contact detail information, as well as relevant health care information about me or from me about the senior family member or relative I am assisting ("Senior Living Care Information").
B.
APFM may provide information to me electronically. My electronic signature on agreements and documents has the same effect as if I signed them in ink.
C.
APFM may send all communications to me electronically via e-mail or by access to an APFM web site.
D.
If I want a paper copy, I can print a copy of the Disclosures or download the Disclosures for my records.
E.
This E-Sign Acknowledgement and Authorization applies to these Disclosures and all future Disclosures related to APFM's services, unless I revoke my authorization. You may revoke this authorization in writing at any time (except where we have already disclosed information before receiving your revocation.) This authorization will expire after one year.
F.
You consent to APFM's reaching out to you using a phone system than can auto-dial numbers (we miss rotary phones, too!), but this consent is not required to use our service.
She can also gift you any amount over, up to the $3M if she wants. This requires IRS Form 709. There is a lifetime limit of gifting of $11.58M in 2020. What the 709 does is keep a running tab on her monetary gifts to you.
IF she exceeds the lifetime limit, it will trigger a gift tax rate ranging from 18% to 40%. If that was to happen, she would be liable for this tax..and if not paid, it could come your responsibility to pay. We aren’t talking that amount of money...but it is always best to do your research and speak to a certified tax professional. A review of the IRS website is also helpful.
And if you think that having paid taxes to pay for "free" nursing homes is unfair, then they should add up all the benefits they received from the government. I bet we all come out ahead by paying for our military to protect us, even eliminating benefits of free health insurance after 65!
However, it is to my mind immoral for children to accept money gifted by a parent who may need it for his or her own care in her lifetime. Your mother could have 15 years of life left. If she requires memory care it could easily cost her at least 10,000 a month to live out those years year. She could require 24/7 nursing care during that time should she fall ill. Your Mom is extremely lucky to approach these years with this kind of money. It is rare. The money, in my humble opinion, should be hers during her own lifetime.
Why in the world would she want a Medicaid nursing home? Ask her that question, take her to a few, then ask her if she wants that or to stay home with her own caregivers. Doesn't make any sense at all.
A little over 7 years ago my parents were living in a two bedroom IL apartment. Towards the end of my dads life they were paying for 18 hours of agency provided caregivers a day. We were working to make it 24 hrs a day when he passed.
Anyhoo - the cost of the caregiver(s) at 18 hrs a day was running about $18,000 a month. Then, there was the rent - another $4,000. And, of course the insurance(s), food, random bills - probably another $1,000 easily. For a grand total of over $23,000 a month.
But still, you are absolutely correct in saying that this level of care is well within this old gals budget - even at the higher cost and providing she didn’t make it into The Guinness Book of Records for life longevity. Her owning her house outright makes it even more within her means.
AND, you are absolutely 1000% correct in saying every penny of the $3.0+ million should be spent solely on her care and comfort. WAY BEFORE a dime is gifted to anyone.
You seem to not trust what is occurring, go with your gut instinct, as I think you are correct, and get an attorney that will watch out for mom. I see red flags.
Right there tells me that the time for gifting is over and everyone has to wait for their inheritance. She can not competently make this decision and that makes it illegal.
You know that what your brother is doing is wrong and that you should contact APS and protect your mom and ensure that she gets the care her money will afford her.
Are you asking if mom can gift away her money and not get put in jail? Then yes, she can, as long as she pays the taxes owed.
She can gift away as much as she likes if she doesn't need public assistance like Medicaid for 5 years (or, has enough money stashed away for her care from now on; if she needs Medicaid, there will be a 5 year look back--meaning that if she lives for 10 years and is fine (and has paid all her expenses but THEN needs care, she needs to pay those 5 years additional years on her own until Medicaid kicks in a cent).
My questions about her asset allocation go to the rate of return she is getting on her 3 million currently. At a 5% SWR, she can spend 150K per year on expenses (including care) and not touch her principal. Not sure why you and your brother want to deplete her principal.
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