On December 15th, 2020, Governor Cuomo signed into law legislation substantially amending the New York General Obligations Law, which is the law that governs powers of attorney in New York. Effective June 13th, 2021, the new law, among other things, modifies the form of a power of attorney. The new form must be used beginning…
Dear Mr. Di Costanzo, Is it true I can gift $15,000 without jeopardizing Medicaid eligibility for nursing home care? This is a question I’m continually asked, so I’m glad I have another opportunity to clear things up. The main thing to remember is that IRS rules are different from Medicaid rules.
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…
How much can I gift each year? Most people think you can only gift $15,000.00 per recipient in 2019. You might be surprised to hear that you can gift a lot more than that. You might be saying, “I thought the annual federal gift tax exclusion is $15,000.00”. While you are correct, it is important…
