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Is It Wise to Give Away Some Savings to Increase Income?

by David Cutner, Elder Law Expert
December 24, 2015

Question: My wife and I have recently retired. Someone mentioned we should give part of our savings to our daughter to increase income. Is that advisable and what are the consequences?

Answer: That is a difficult question to answer without knowing more about your personal circumstances. Do you have adequate resources and income for your retirement? Do you have long-term care insurance, or have your taken other steps to protect your savings, in the event long-term care should be needed.  (The high cost of long-term care is probably the most significant financial risk you are facing as seniors.)  How much money are you considering giving to your daughter, and why are you thinking of doing it? I’m sorry I can’t give you more guidance, but there aren’t enough facts here to allow it.

David Cutner is one of the founders of Lamson & Cutner, P.C., a preeminent Elder Law firm in New York City and Westchester County. Mr. Cutner is known as an experienced and compassionate advocate for the elderly and disabled. Personal attention to the financial and health care needs of each client, and accurate, individualized advice, are hallmarks of the firm. Mr. Cutner helps clients achieve their goals in a cost-effective way.

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