Trusts & Estates Law/Estate
My sister is in her 70's. During the past several years, she has given me about $10,0000. ($200 here$500 there $100 there etc.)As a gift. Not a loan.
No large amount over $1000 at one time.
She said she heard that if she goes into a nursing home, (etc) they could come back after me for 5 years to pay back the money she has given me as a gift. Is that true?? Would I have to pay back $10,000 ? What if I don't have the money after 5 years? thanks for your time....
Did you receive the gift in cash of bank transfer? If it is in cash, there is no issue. If it is in bank transfer, is there any agreement or loan, etc.
In case it is a mere gift, you have nothing to worry.
Pl check with your neighbourhood attorney for further assistance.