maria is a 75 yr old widow with a son and daughter ages 43 and 45 and has 6 gran
ID: 2708513 • Letter: M
Question
maria is a 75 yr old widow with a son and daughter ages 43 and 45 and has 6 grandchildren. Her estate is worth 572,000 and her home is valued at 250,000. She has a life insurance policy worth 160,000 and her children are the beneficutiry. She just had a stroke and is home from the hospital and her health is declining rapidly and she will need to go into a nursing home within a year. She wrote her will in 1989 and it leaves her stuff to be spilt evenly between the children. Which of the following should Maria consider?
1. Transfer ownership of her home to her children so it wont be counted as a resource should she go into a nursing home and apply for medicade.
2. execute durable power of attorney for health care and a durable general power of attorney.
3. place all assets into irrevocable trusts with her children as benefiticutires.
4. start a gifting program transferring assets to the annual exclusion to her children and grandchildren
Please write the numbers.
maria is a 75 yr old widow with a son and daughter ages 43 and 45 and has 6 grandchildren. Her estate is worth 572,000 and her home is valued at 250,000. She has a life insurance policy worth 160,000 and her children are the beneficutiry. She just had a stroke and is home from the hospital and her health is declining rapidly and she will need to go into a nursing home within a year. She wrote her will in 1989 and it leaves her stuff to be spilt evenly between the children. Which of the following should Maria consider? Transfer ownership of her home to her children so it wont be counted as a resource should she go into a nursing home and apply for medicade. execute durable power of attorney for health care and a durable general power of attorney. place all assets into irrevocable trusts with her children as benefiticutires. start a gifting program transferring assets to the annual exclusion to her children and grandchildrenExplanation / Answer
i think option 2 is good to her because she will have an option towards for her health and remaining to their legal heirs
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