We have a couple: wife (w) 82; husband (h) 87

Married for 60 years

3 children (Michael, Richard, and Jeff): 2 of whom are married and successful; baby of the family, Jeff, is 45 and still lives at parents’ home, and has never been married

Jeff works part time and does all of the household chores and care for the aging parents. Aging parents want to leave house for him so he has somewhere to live. House is valued at 600k. The rest of the estate is worth approx 400k.

Of the 400k, 200 k in an IRA, solely in the husband’s name, and names Michael and Richard as beneficiaries. H receives pension of approximately $1200/month and Social Security $1200/month. House is completely paid off. Cost basis in the house is 100k. Wife appears to be developing symptoms of Alzheimer’s. The other children hate Jeff and want nothing to do with him.

They have long term care insurance that came through H’s workplace but does not include any care at home.

Wife has never worked outside of the home. Avoids going to the doctor for anything because she does not want to be found out.

Husband is the decision maker when it comes to finances and pays for all bills

45 year old Jeff is a cosigner on the main checking account.

What happens to her if something happens to him?

Gift to the 45 year old, should it include monthly rent that he is not paying?

Can he offset that by recording his hours?