Keyword Search Result: gifts and gift tax

To gift or not to gift…

The Facts: I wanted to give my children and grandchildren significant cash gifts for the Holidays but, I am confused about gift tax liability and about how gifting may impact my future eligibility for Medicaid in the event I need long term care. The Questions: Could you explain how gifts are treated for Medicaid and […]

Some Implications of a Life Estate

The Facts: My father has decided to gift his house to me and my brother and to retain a life estate for himself. This is part of his Medicaid planning. The Question: What are the advantages and disadvantages of making this transfer? The Answer: The advantages of putting the house in your names now is […]

Do I Need to File a Gift Tax Return?

This time of year I frequently hear from clients who made gifts to family members asking if they need to file a gift tax return.  Gifting can play an important role in an estate plan as a means to avoid estate tax. However, there are limits as to the value of gifts that can pass […]

Does Making Annual Gifts Impact on Medicaid Eligibility?

The Facts: I have been making gifts of $13,000 per year to my children for some time. I was told that as long as I did not give any of my children more than $13,000 a year, I would not be penalized when I applied for Medicaid benefits. A friend of mine who also gave gifts […]