Guy I work with...his father in law is quickly throwing piles of $ into his kids names so when he does go in to the nursing home and Medicare does their 3 year look back, they will find nothing. He will show up with nothing and Medicare will pay for everything..... but in the meantime he has dumped $100k+++++ into his kids names.

Would you pay your own way until you were broke and not give your kids any inheritance or would you rather trick the system (legally) and hide all the $ in your kids names and have Medicare foot the bill?

I am amazed at how many people feel that the Gov't owes them a free life in the nursing home. Many people I talked to have dumped their $ into the kids names..

Medicare is 1.45% of your wages (no ceiling)... so if you make $100k per year, you are contributing $1,450 (your employer matches this amount as well)... hardly enough to make them pay for you to live for years in a nursing home (in my opinion).

What is your feeling on this?

 

In the words of my former accounting professor , "Anyone who turns 65 should report straight to a furnace"


He was about 68 at the time.

 

[QUOTE=vader1,May 17 2005, 03:46 PM]In the words of my former accounting professor ,

 

"R-U planning to hide parents $ from nursing home?"

More like: I'm planning to hide my parents' money from them, once they hit the nursing home

 

Nursing home? HA! My mom is going to move in with me and pay me back for all the joy I brought her as I was growing up.

 

Being that I will have paid well over a million dollars in tax by then I'd say that it's in my future

 

really.... over a million $ in medicare taxes? that would be like making $69M x .0145 = $1,000,000.

At that point you really shouldn't be too worried about running out of $$$$.

 

Scot,

How are they dumping the money into the kids names? You can only give something like $12,000 as a gift before taxes kick in. I don't mind paying my fair share of taxes but I think the death tax is wrong. Not that it will matter to me anyway, but... Are these people trying to also beat the death tax?

 

I haven't really heard a good reason for having the death tax, either. I'd like to hear how to get around it, too.

 

this among other reasons is why Medicare won't be around when you're old