Ask Terry Questions gifting money to children

gifting money to children

By Terry Savage on January 21, 2023 | Financial Planning / Retirement

We are trying to explain why it is a good idea to gift money to children, both parents are soon going into a memory care/father 85, and an assisted living/mother 83, we have heard about spousal impoverishment, and would like something for my mother to be able to read to help her understand, both of these things. We also heard that after 3-4 years the Facility they would both be at, will take Medicaid. They have about 2M dollars all in and 500K liquid at this time.

Terry Says

You need to immediately have a meeting with an elder law/ estate planning attorney. There is too much at stake for a quick answer. Please trust me and call Kerry Peck at Peck Ritchey Law — (855) 328-5787. Kerry is the authority on these issues,, and it is not a matter of making your parents understand theoretically; this is a matter of getting the correct documentation done as soon as possible and with an expert. He will explain everything. Feel free to use my name, as I get nothing out of this referral except the knowledge that you will be in good hands.

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