Q: Hello, my 94 year old father told me recently that he would like to liquidate his savings (about 150,000) and give it
equally to his children while he is still alive. He is of sound mind, lives alone, drives etc so that is not an issue. His will also provides the same when he passes but he wants to give it to his kids while he is still alive. He has outstanding health insurance and income and other resources as well. Is this okay?
A: That is perfectly legal but your father should consult an attorney first so that he understands the potential negative consequences such as incurring a hefty Medicaid penalty period and potential gift tax and the need to either update his will or otherwise properly document the advancements, among other things.
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