My Mother is 94 years old, she has 3 children which she gifts money to every year .from $1000 to $3000 per year. She has a CD worth about $3...

Question

My Mother is 94 years old, she has 3 children which she gifts money to every year .from $1000 to $3000 per year. She has a CD worth about $31,000 and checking about $10,000. Her health is failing and she feels she would like to enter a nursing home, but would like her children to have at least a good share of her money. How much can she gift legally without causes any legal conflicts?

Answer

If she's going to use medicaid or medicare to pay for the nursing home there is a five year lookback period, and anything she may have given away in that time can be clawed back.