Legal Question in Wills and Trusts in Oregon
gift money to children
mother is 75, selling property and moving into apartment. can she gift her money from sale of property to children, so when she needs assistance for nursing home, she has no assets? what is limit/time period. does money have to be out of her name for a certain period of time.
Asked on 3/31/07, 10:59 am
1 Answer from Attorneys
Christopher Steuart
IT Forensics, Inc.
Re: gift money to children
The systems of gifting all her assets away is a brute force resolution that may not serve her as well as other approaches. I would generally discourage her from gifting the money, rather she should consider creating a special needs trust with her children as the residuary beneficiaries. She should consult with an attorney whose focus is estate planning and trusts.
Answered on 4/02/07, 8:20 pm
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