troubledme
Junior Member
What is the name of your state? California
I am writing on behalf of a friend.
My friend Eileen took her 90 year old mother in to live with her two years ago. Her mother has close to 1 million dollars in CD's from the sale of her home. The mother wants to start gifting money to Eileen. Eileen has talked to one consultant who advised her to get her mother qualified for medi cal & gift the family money to her she should either:
Start gifting $5000 a "DAY" to her & her husband every month until the money is transferred & the advisor would get her qualified for medi cal. She can gift up to one million without gift tax. Then Eileen would put the money in CD's of her own in her name only & leave the money, untouched there until the mother is deceased.
Or
Start gifting 12,000 a year each to her & her husband & trusted friends until the money is transferred. The friends would deposit the checks into their own accounts as gifts & then gift the money back to Eileen as gifts from them.
Is this legal?
Would this pose any problems for the friends involved?
Thanks,
TroubledMe What is the name of your state?What is the name of your state?
I am writing on behalf of a friend.
My friend Eileen took her 90 year old mother in to live with her two years ago. Her mother has close to 1 million dollars in CD's from the sale of her home. The mother wants to start gifting money to Eileen. Eileen has talked to one consultant who advised her to get her mother qualified for medi cal & gift the family money to her she should either:
Start gifting $5000 a "DAY" to her & her husband every month until the money is transferred & the advisor would get her qualified for medi cal. She can gift up to one million without gift tax. Then Eileen would put the money in CD's of her own in her name only & leave the money, untouched there until the mother is deceased.
Or
Start gifting 12,000 a year each to her & her husband & trusted friends until the money is transferred. The friends would deposit the checks into their own accounts as gifts & then gift the money back to Eileen as gifts from them.
Is this legal?
Would this pose any problems for the friends involved?
Thanks,
TroubledMe What is the name of your state?What is the name of your state?