Quote:
Originally Posted by manaboutown
She needs to talk this over with an estate attorney - or three and perhaps a financial advisor. This scares me. If her assets were ten times as much I can see her advancing some funds. She could burn through $900K in assisted living if she requires it. She should definitely refrain from giving away appreciated assets during her lifetime because under current law they will receive a stepped up basis to her heirs upon her demise. Question: How is she cognitively?
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Cognitively she is pretty sharp. Mid-90's and has not only a low 5-digit monthly pension income, but also paid lifetime medical insurance AND a long term care insurance policy.
I appreciate the information about the basis step ups, that would be very important. She has promised she would speak with her CPA. I envy her position, but glad I don't have to make her decisions.
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Chino 1960's to 1976, Torrance, CA 1976-1983, 87-91, 94-98 / Frederick Co., MD 1983-1987/ Valencia, CA 1991-1994/ Brea, CA 1998-2002/ Dana Point, CA 2002-2019/ Knoxville, TN 2019-Current/ FL 2022-Current
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