Elder Law Articles

Questions & Answers

I am age 87, retired-disabled; my wife is 78 and working part time but looks forward to retiring soon. We own a home with substantial mortgage, have a modest IRA, and about $70,000 in savings. We are being hit by excessive, crushing health insurance costs and our resources and SS income now are not quite enough to maintain a decent living standard. Our daughter has offered to help and we have discussed lending our savings to her business long term at 10% interest, which would be taxable income to us. Daughter is also willing and able to donate some gift money to parents if needed. Any alternate ideas; can I structure a plan where there will be no tax on the interest income? Or some kind of gift arrangement that would better?