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Old 02-13-2016, 10:38 PM
 
34,360 posts, read 41,436,735 times
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After reading a recent topic on inheritance i get the impression that the government gets everything when parents die=The Poor - Middle Class, why bother trying?
In my situation my Dad lives in Florida Bro lives a few miles away ,me and sis live in Canada. Dad is 90 cant hear,cant walk,he basically lives on a mobility scooter. ,goes to dialysis 3X a week, he lives alone in a big house and will not entertain the thought of a nursing home or senior assisted living facility or even having a maid come over a couple of times a week to clean up., The house he lives in is worth around $300K,as far as i know he has no other assets and has a pension income of about $2K a month.,while me Bro and sis are financially secure i'd hate to see the proceeds of his estate ultimately go to the government rather than his children.
What are my options to legally avoid giving all his hard earned estate to the government?
I'm thinking should he transfer ownership of the house to my brother before he passes?

Another concern is he told me he hasnt filed income tax since he retired 20 years ago,stating in his opinion he didnt make enough money to pay any income tax so why bother filing.
I got a feeling this action on his part is going to come back and bite us in the butt.
Thanks for any info/advice

Last edited by jambo101; 02-13-2016 at 10:57 PM..
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Old 02-13-2016, 11:17 PM
 
Location: SoCal
13,191 posts, read 6,308,074 times
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The way I see, it's his money, he can do what he wants. I have two relatives in the 60s who also have more than $300k but I'm not sure if they have a will or not. I was told my name is one of the beficiaries on the 401k and IRA. But that's it. But I'm not too worried. Que Sera sera, is my motto.
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Old 02-14-2016, 12:44 AM
 
34,360 posts, read 41,436,735 times
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Quote:
Originally Posted by NewbieHere View Post
The way I see, it's his money, he can do what he wants. I have two relatives in the 60s who also have more than $300k but I'm not sure if they have a will or not. I was told my name is one of the beficiaries on the 401k and IRA. But that's it. But I'm not too worried. Que Sera sera, is my motto.
Sure its his money and i have no problem with what he does with it, the question is whos money is it after he dies? He worked hard all his life,i'd hate to see it all just go to the government.
He has no will as far as i know.
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Old 02-14-2016, 12:51 AM
 
Location: MMU->ABE->ATL->ASH
9,123 posts, read 17,125,688 times
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It goes to the Estate, and based on his will, and other documents, that's how it will be divided up.

Who is the executor of the Will?

I think The exclusion is ~5M before taxes(Federal) need to be paid.
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Old 02-14-2016, 12:56 AM
 
Location: Pennsylvania
16,337 posts, read 10,327,920 times
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I'm not sure why you're assuming the government will take everything. maybe that's true in Florida?

!st thing to work on is getting him to write a will. Might help if your siblings said they were going to do that and would he want to too.

and if he doesn't start taking care of his house, the value will go down.
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Old 02-14-2016, 12:59 AM
 
Location: MMU->ABE->ATL->ASH
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At this point its a little late to transfer asset from him. There is a 5-10year look back, if he wind up in a nursing home on medicaid (After all his asset are used up) they will look back to see if any asset were transferred out, and make the party who got them pay it back.
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Old 02-14-2016, 01:01 AM
 
Location: MMU->ABE->ATL->ASH
9,123 posts, read 17,125,688 times
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FL does not have a Estate Tax,
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Old 02-14-2016, 01:35 AM
 
4,787 posts, read 9,292,750 times
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If he dies without a will, it is called dying intestate. His property then has to be probated. However, under FL law, his children will equally eventually get the house and any monies he may have. Just keep Googling " dying intestate in Florida". There is lots of info. Here is one article

Florida Intestacy and Intestate Succession Law

However, to make things simpler and quicker, he should have a will. Your brother and your father should also discuss giving your brother a power of attorney for both financial and health care issues. Someone will eventually need to make medical decisions for him and will need to be able to access his funds to pay for care.
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Old 02-14-2016, 02:33 AM
 
71,470 posts, read 71,652,652 times
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Quote:
Originally Posted by flyonpa View Post
At this point its a little late to transfer asset from him. There is a 5-10year look back, if he wind up in a nursing home on medicaid (After all his asset are used up) they will look back to see if any asset were transferred out, and make the party who got them pay it back.
Look back is 5 years but manipulating some loans an attorney can set it up so only about half the assets are exposed. Transfering title woulf be a tax blunder because unlike inheriting something at a stepped up basis a title transfer retains origonal costs
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Old 02-14-2016, 02:37 AM
 
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Please go to the search options. There have been several threads about these issues already. They may be helpful. Many answers you'll need have already been stated.

Or just google something like "basic estate planning."
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