Can I make annual $14,000 gifts to my children without a Medicaid transfer penalty?
This $14,000 figure is the current amount that can be gifted without filing a gift tax return. This rule only applies to taxes, not Medicaid. Medicaid presumes all gifts made within 5 years of applying for Medicaid for a nursing home were made to try to protect the money from being lost to the nursing home and may impose a transfer penalty period of ineligibility for Medicaid coverage.
Still Have More Questions?
Contact our experienced Upstate New York elder law attorneys to schedule a free initial consultation.
Our firm focuses our practice on estate planning and Medicaid planning. We are also very experienced in handling elder law, irrevocable trust , revocable trust, basic estate planning(Will, Power of Attorney, Health Care Proxy), Medicaid law , and children with disabilities / supplemental (special) needs trust matters.
The Koldin Law Center handles the entire Medicaid application process for the client with the goal of preserving and protecting some or all of the family life savings from the costs of Nursing Home care.