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Should Our Parents Keep Giving Us Gifts if They Might Enter a Nursing Home?
Although my siblings and I are not in favor, my parents have health issues that might require one or both to go into a nursing home down the road. My parents have been giving us money for birthdays and Christmas (as much as $1,000 per child) and we are concerned that if they have to go to a nursing home in less than five years from now we might have to pay back this money. Are our concerns justified?
Yes, those concerns are justified. Your parents should make no future gifts without first consulting with a local elder law attorney. That said, the past gifts may or may not be a problem and it may be possible to make some future transfers. That depends on your parents' health and financial status and many other factors. A qualified elder law attorney would be able to advise your parents and their family how best to proceed.