this post was submitted on 09 Jan 2024
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Microblog Memes

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Just tell 'em to be patient and distract 'em with some avocado toast! (i.postimg.cc)
submitted 10 months ago by ZeroCool@slrpnk.net to c/microblogmemes@lemmy.world
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[–] KevonLooney@lemm.ee 10 points 10 months ago (1 children)

You can gift your kids whatever you want. You don't need to worry about the gift tax exemption if you are planning on giving them less than $13 million.

If a gift exceeds the $18,000 limit for 2024, that does not automatically trigger the gift tax. Also for 2024, the IRS allows a person to give away up to $13.61 million in assets or property over the course of their lifetime and/or as part of their estate.

https://smartasset.com/estate-planning/gift-tax-explained-2021-exemption-and-rates

[–] Fosheze@lemmy.world 3 points 10 months ago (1 children)

Huh. So as long as he gifts me the house before he dies then I'm good? Of course the issue there is that he's likely to croak before my stepmom does and I'm not sure what would happen with the medical debt then. They can't just take what would then be my stepmoms only residence but she would also be required to pay off that debt if I remember right. It's going to be a clusterfuck either way.

[–] KevonLooney@lemm.ee 5 points 10 months ago (1 children)

People do that all the time. But there are clawback periods.

Basically people give their kids the house and the kids let them live there free. You can create a irrevocable trust for that very purpose.

https://www.verywellhealth.com/irrevocable-trust-medicaid-4173386

[–] Fosheze@lemmy.world 3 points 10 months ago (1 children)

Well I guess thats the plan then. I'll have to talk to my parents about that. Thank you.

It was a property origionally bought by my greatgrandparents and I really wasn't looking forward to seeing it sold off just because my dad has health issues. Now I guess I have a way to keep it.

[–] KevonLooney@lemm.ee 3 points 10 months ago

Look into Medicaid asset trusts more. I'm not your financial advisor. But the process seems simple. The trust owns the house and other assets so they can't be taken from your parents.