Elder law & savings accounts

What is the name of your state? Pennsylvania

My elder parents set up three separate savings accounts with their names and one sibling. Therefore each of the three siblings have an account set up with their parents. My parents now want to turn over the money in these accounts to the three adult children, How can they do this without paying gift taxes? Each account has $29,000? We are in Pennsylvania.

Katie314 said:

What is the name of your state? Pennsylvania

My elder parents set up three separate savings accounts with their names and one sibling. Therefore each of the three siblings have an account set up with their parents. My parents now want to turn over the money in these accounts to the three adult children, How can they do this without paying gift taxes? Each account has $29,000? We are in Pennsylvania.

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Why doesn't each child simply remove the money from the bank account?

Must the money remain in the accounts for a certain amount of time before the siblings remove the money from their individual accounts? Otherwise, it will apear the elder parents (ages 89 & 90) are attempting to hide their money and reprocussions could result upon the death of either parent. I do know they turned over their summer home to us but the wait time is 5 years on property. Does the savings accounts have a similar wait time?:

Katie314 said:

Must the money remain in the accounts for a certain amount of time before the siblings remove the money from their individual accounts? Otherwise, it will apear the elder parents (ages 89 & 90) are attempting to hide their money and reprocussions could result upon the death of either parent. I

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Depending when these accounts were opened and exactly how the accounts are titled, Medicaid fraud will be apparent.