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by Anonymous on September 15th, 2009

Anonymous

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Help answer this question below.

My mother is 83 yrs old & she did not do anything to protect her savings, etc. from being eaten up by nursing home costs. She lives in TX, can she still give up to $10K to her children per yr without that money being considered in the look bck time frame?

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Answers. 1 helpful answer below.

  • by Sherri on September 15th, 2009

    Sherri

    She can give up to $13K/year to each child, but that amount will be looked at in the 5 year look back period! Sorry!
    So, she needs to keep 60 months of whatever the nursing home takes monthly (eg 60 x $3000= $180,000) to get past the 5 year period, then she can gift the rest to the children. Then she will be past the 5 year look back period when she runs out of money and the State should then step in if she lives that long.

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