Legal Question in Wills and Trusts in Mississippi

one time gift of money

my mother in-law is currently living in an assisted living home,and on medicare. she is about to recieve a large amount of money and would like to share it with her three children. can she give her children each a one time gift of money? and if so..what is the limit,and how must she go about doing it? does she need a lawyer?

thank you for your time,


Asked on 5/02/05, 9:48 pm

1 Answer from Attorneys
Albert Pettigrew Law Offices Ph 228-875-8736

Re: one time gift of money

Before making such gifts she needs to consider the effect it will have on her eligibility to receive Medicaid if she were to need the services of a nursing home. Also, she needs to consider the possibility of incurring gift tax if she gives more than $11,000 to any one person in a year.

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Answered on 5/02/05, 10:50 pm


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