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Old 02-16-2010, 03:33 PM
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Federal Gift Tax

My relatives are planning to gift their home (valued at 1.5 mill) and financial assets (valued at .5 mill) to their children as a transfer of assets step to qualify them for Medi-Cal long term care. My question is whether this would require them each to file a gift tax return for 2010? Is the lifetime gift amount in 2010 still 1 million? thanks..



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