Gifting: Taxes And Charity Versus Medicaid

Many seniors are aware that some planning is necessary if Medicaid is to cover their skilled nursing care as they age and that making gifts of money or property to their loved ones before they need care can be part of that process. There are a few common misconceptions, however, about gifting and the Medicaid Process. Often, penalties resulting from these transfers could have been avoided if clients had been aware of the consequences of their actions. “I thought I was allowed give away $13,000.00 to each person every year.” This statement and action is a result of the misapplication…

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