Co-authored by Joanna C. Feldman This is a question we’re continually asked, so we’re glad we have another opportunity to clear things up. The main thing to remember is this: IRS rules are different from Medicaid rules. Under current IRS rules, you may gift up to $15,000.00 to as many people as you’d like in…
We have all heard the saying “life is full of regrets”. I have compiled a list of the most common regrets that I often hear from clients, but more often, their family members, during my practicing as an elder law and special needs planning attorney. If you have neglected any of these topics, my hope…
Generally, in determining the Medicaid eligibility of a person receiving nursing facility services, any gifting of assets made by the applicant within the “look back period” will render the person ineligible for Medicaid for a period of time equal to the value of the gift divided by the regional rate. Under current law, the look…
Often confused, the look-back period and the penalty period are two distinct concepts in Medicaid planning. It is important to understand the applicability of each. The look-back period is the five-year retroactive period beginning on the date you enter a nursing facility. Thus, if you enter a nursing home on November 1, 2017, the look-back…
For 2017, the federal lifetime estate and gift tax exemption have increased to $5,490,000. This means that you can gift this amount over your lifetime without incurring a federal gift tax and to the extent you haven’t done so, any exemption remaining at death can be applied against the value of your estate for…
