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<p>[QUOTE=&quot;Prime Mover, post: 1857446, member: 38783&quot;]This is a good thread.&nbsp; Most people don&#039;t think about these types of things until it&#039;s too late, or after its too late when family is squabbling over things instead of celebrating that person&#039;s life.</p><p><br /></p><p>I would also have something in there not only for a person&#039;s passing, but planning for their estate should they need long term medical care or a nursing home.&nbsp; There&#039;s a whole different set of laws and things that cover that, and these days I believe this may be even more important to consider than simply just keeling over from a heart attack.&nbsp; I&#039;ve gone through it, and it is no fun in the least.</p><p><br /></p><p>On the gifting front, I would urge that you tell them to check local Medicaid law for the above situation.&nbsp; Different states have different rules on how far back they can go to find assets, and what the limits per transaction are, and gifts certainly count against it.&nbsp; If it&#039;s too soon between the gift and the time they need a home, the state will look to recover those assets to go towards medical bills/nursing home costs.&nbsp; The person receiving the gift would be on the hook for either giving it back to be sold, or paying the &quot;replacement cost&quot; of said objects back.</p><p><br /></p><p>Here in NJ it&#039;s 5 years look-back.&nbsp; While they focus on primarily monetary transactions from your banks/investments, they do take personal belongings into consideration as total assets.&nbsp; Say for some reason they see you spent $1500 on an item, they&#039;re going to want to know what it was, and if you don&#039;t tell them they will automatically consider it an asset and charge it against you.</p><p><br /></p><p>I can tell tales for pages and hours, so if you want feel free to PM me with any questions.[/QUOTE]</p><p><br /></p>

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