knockknock
Registered User
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- 2
Our parents are getting older and our mom is starting her first week in a nursing home.
They know that to make a monetary gift it has to be 5 years or more ago, before entering a home or the government can come back on the child to get the money.
They need to fill out paperwork for the home with all their assets listed.
While reading over what is considered an asset our dad showed us that if they have a disabled child they can give their money to that child and it will not be considered an asset, to be used as payment for the room at the home.
They have a son who is an adult (55 years sold) and is receiving SSD and is considered disabled by the government.
Is it possible / legal to give their savings to that child with no taxation or reprimand from the government ?
I hope I explained this well enough. Please ask for more or clearer information if needed.
They know that to make a monetary gift it has to be 5 years or more ago, before entering a home or the government can come back on the child to get the money.
They need to fill out paperwork for the home with all their assets listed.
While reading over what is considered an asset our dad showed us that if they have a disabled child they can give their money to that child and it will not be considered an asset, to be used as payment for the room at the home.
They have a son who is an adult (55 years sold) and is receiving SSD and is considered disabled by the government.
Is it possible / legal to give their savings to that child with no taxation or reprimand from the government ?
I hope I explained this well enough. Please ask for more or clearer information if needed.