my father is a elderly gentleman, needing to go into assisted living place. Can I convert his stock over to someone else's name to avoid a high tax penalty or the assisted living place from taking it from him and put him on Medicard or Medicade help?
2007-02-25 21:51:22 · 2 answers · asked by stjustcrusin 1 in Business & Finance ➔ Taxes ➔ United States
Any transfer within 5 years of his requiring aid from public funds will be presumed to have occured to hide those funds and exclude them from use for his own support. Those funds will have to be surrendered for his support and be exhausted before public funds will be committed for his care. Sorry, but there is NO way around that now.
More importantly, it's not your stock, so YOU can't do anything with it anyway..
2007-02-25 21:58:32 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
First of all, YOU can't convert anything of his unless you have a Power of Attorney to handle his finances.
Secondly, if he has the funds to pay for his own care, he should. I'm assuming that's why he made the investments in the first place, to pay his own way in his old age. Why should we, the taxpayers, pay for his care when he has the money to pay for it himself.
Third, no you can't. As the person that answered above me stated, he would have had to transfer them 5 years ago.
2007-02-26 07:03:51 · answer #2 · answered by Faye H 6 · 2⤊ 0⤋