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Originally Posted by 33girl
Like honeychile said - I know that you can only "give" X amount of money per year to your kids in some states.
Depending on where Thelma lives though, I don't blame her, since nursing homes cost $$$$$$$$$$ and she honestly might have lived longer than expected, in which case she might have blown through a really significant chunk of change. You can't go into a nursing home thinking "I'll be dead in 2 years, I only need this much" because that's when you end up outliving everyone.
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Federal- $12,000 per year-(edited to add) free from Gift Taxes. You can give whatever you want, you just have to pay tax on what is over $12,000
Also remember unified credits too. There is a lot of money you can exempt from estate taxes, or shall I say in George Bush speak, the "death" tax.