If I receive money from my 91 year old father just to hold onto for his expenses, is it considered a gift still and subject to gift tax even though it is for his use?

Forum|Forum|5 years ago
October 14, 2020
4 replies
31 views

These funds would strictly be for my fathers expenses. Could possibly be over the maximum gift amounts.

TurboTax Online

Best answer by Anonymous_

No, there has to be donative intent on the part of your father; the intent would be to irrevocably give you the funds to use in whichever manner you pleased.

However, it would be wise if the funds were not held in an account exclusively in your name and/or there was some sort of writing to document the nature of the transaction.

Anonymous_Answer

Level 15

No, there has to be donative intent on the part of your father; the intent would be to irrevocably give you the funds to use in whichever manner you pleased.

However, it would be wise if the funds were not held in an account exclusively in your name and/or there was some sort of writing to document the nature of the transaction.

Critter-3

Level 15

If this is some kind of Medicare/Medicaid avoidance plan then seek legal advice from an Elder Law Attorney to see what your options are before you are both in hot water.