Is it possible for someone who is dying to turn over his money to someone else?

Question

Is it possible for someone who is dying to turn over his money to someone else?

Answer 1

It depends upon the intention and size of the estate.  If someone with terminal illness is trying to transfer something without paying their debts, that might be considered fraud and reversed unless their estate has enough assets to cover their debts.

The gift giver has to file a gift tax form if they give anyone more than $12,000 per year, although, no gift tax would be due unless total gifts to everyone beyond that exceed $1 million.  If it is inherited instead, there is no tax unless the taxable estate exceeds $2 million ($3.5 million in 2009).

Certain assets other than cash (like a home) would be better to be inherited than gifted, because gifted property has the cost basis of the person giving the gift (probably more capitial gain), whereas, inherited property gets a stepped up cost basis at time of death (little or no capital gain).

Answer 2

now if that isnt a loaded question....

Answer 3

People can give away all their money at any time, or leave it to someone in their will upon death. Or grant someone a power of attorney to act in their stead (this is usually done in cases like you describe, to act for an ill or fuddled relative or close friend who trusts you to help them).

Answer 4

It has to be a legal document.... a will.

Answer 5

yea it's called a power of attorney

Answer 6

Yes.  He can gift it outright or leave it in a will.  If you mean "turn over" as in run his affairs, yes, with a power of attorney.

Answer 7

yes its called a will

Answer 8

have them write a will

Answer 9

Simply put....YES....I would advise a lawyer be present to make legal documentation though.

To protect the innocent.

Answer 10

yes its called power of attorney

Answer 11

Uh yeeaaa.... It's called a Will... Duh......

Answer 12

Yes it is. My grandfather turned everything over to my grandfather before he died christmas 2003 so she didn't have to pay any death taxes. Contact a lawyer to make everything legal.

Answer 13

If there are no complications, a simple will is enough.  In California, a holographic will is legal, that is, a will written in ink by the person themself listing their intentions and signed and dated.  A slightly more formal will would be typed, signed and dated, and then witnessed by two people who are not receiving anything from the will.  

An attorney will do a simple will for a very reasonable price (probably $100 to $200), since it is basically a form that is filled in with your information.  This approach will ensure that you think a little further ahead and consider a few more things, such as an executor and relatives who are being excluded and will receive nothing, and the residual items, not listed.

If the estate is large or complex, you definitely need attorney help and could also look at taking steps to reduce the cost of probate and estate tax.  There are attorneys who specialize in wills and trusts and it would be best to pick a specialist.