Estate protection

[jamisondon]

Question#1 If I have a cash account of $250,000.00 and would like for my children to receive the maximum amount with the least tax liability before or upon my demise, what is the best way to do this?
Question #2 I own my home and would like to protect it from being taken by a nursing home facility upon my entry. What is the best way to turn this asset over to my children?
I live in South Carolina.

[Edited by jamisondon on 01-02-2001 at 06:25 PM]

 

[ALawyer]

Currently the Federal Estate Tax starts at $675,000 -- that is if the the total value of your estate is less than tha, there is no tax. And Congress will probably increase that amount shortly.

Second, Medicaid requires that before the taxpayers start paying for a person, his or her assets be used first. (Why should taxpayers pay for you when you can pay for yourself?) To prevent a person from giving away all his or her assets to the kids and then saying "I'm broke" so now the taxpayers have to pay, it also has a series of rules that look at gifts made in the past, and seeks to disqualify those who made gifts and/or grab all sorts of assets gifted, including homes and cash and stock.