Bringing in Elderly Parents; What to do about Financial Matters

[Kirra 0]

Hi everyone, and thank you ahead of time for your input.

I'm trying to figure out how to best go about bringing my retired parents to the US from Europe. I emigrated to the US over a decade ago and I am a full citizen.

My parents have a house (they built themselves) as well as land. They also have belongings, at least some of which (knowing them, the furniture) they will undoubtedly want to keep.

I have a few questions about the process...

1) We would need to sell the land and house, using that money to buy them their own house near mine here in the states. Since the house would be sold in order to buy a house here, what kind of taxes would be placed on the accumulated sum, and what kind of issues should I expect? Will they be taxed even though they are senior citizens, or does it work differently?

2) Also, if they are bringing their belongings (container maybe? Haven't thought the how out yet, but we're not talking suitcases), should I expect those to be taxed as well- even though they are not changing ownership?

Will they have to be checked out by someone (cataloged/inspected/valued/etc), or can they just be packed and shipped? Are there any restrictions as to what can/can't be brought over? Are there limits to how much money they can bring (that they saved up), and do metals (gold/silver) count as money or property? Some of their things might have been in the family since before WWII.

Thanks everyone

Edited May 28, 2014 by Kirra

[Owen_London 65]

1. Would they sell before or after immigration (before would be easier for taxes)? What country are they in now? If they sold once they were US residents, the sale would be subject to capital gains tax.

2. Yes, there are some import restrictions into the US. No, if they aren't selling they aren't taxed on their own possessions.

However, a potentially much bigger issue is this: How are they (or you) planning to pay for their medical care? As retired immigrants, they would have no right to federal assistance. I don't know the exact details, but this can get incredibly expensive.

[Kirra 0]

1) before, probably? and Poland.

About the medical issue, I was told by a friend that there is a waiting period where they don't qualify, but that's only a few years... and then they are entitled to the same medicade that all senior citizens have access to... was I misinformed?

[milimelo 4,481]

I'd read up on medicare buy-in rules and even then it won't be cheap.

For starters, they can't avail themselves of any assistance programs for 5 yrs as LPRs. Are they going to be working in the US?

[christeen 966]

I would take another look at the medical issue... Having never paid into Medicare, they are not entitled to it... You will need to purchase insurance on the market, which will be expensive.

To bring the money, have them sell before coming, they can transfer the money.

You can ship,items using an international shipping company who will prepare a bill of laiding for all the items and ship in a shared container...

But the health insurance issue might be the big fly in the ointment here...