What is the name of your state?What is the name of your state?Illinois
My mother wants to give her 8 granchildren monetary gifts. She is 83 years old. She was told by an attorney when she updated her will that she could give each grandchild a gift under $500 and not be penalized if she for some reason had to go into a nursing home within the next three years. She doesn't want to give them the money and then they might have to repay it in the event something were to happen to her. Does anyone know if this is correct? I was not at the lawyer's office with her.
Thank you
My mother wants to give her 8 granchildren monetary gifts. She is 83 years old. She was told by an attorney when she updated her will that she could give each grandchild a gift under $500 and not be penalized if she for some reason had to go into a nursing home within the next three years. She doesn't want to give them the money and then they might have to repay it in the event something were to happen to her. Does anyone know if this is correct? I was not at the lawyer's office with her.
Thank you