If my parents may go to assisted living next year, can they gift me $10,000 this year and next?

This would be held for burial expense.

Asked on November 20, 2014 under Estate Planning, Kansas


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

What you are doing here is a little estate planning and that is a good thing.  Each state's laws differ but generally speaking, you can put money in to a separate account for burial purposes and it can not be touched.  You can sometimes also pre-pay burial fees. I would really consider speaking with an estate attorney as soon as you can on the matter.  Good luck.

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