Prior to 2024, the maximum amount that a person could gift without filing a gift tax return was $17,000 per person. If an individual transferred gifts worth more than $17,000 to one person in a year, then the person who…
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Medicaid Laws for Gifting Assets
Medicaid provides coverage for an individual’s long-term care costs, including institutional care in a facility. An individual must be poor in order to qualify for Medicaid. Medicaid has stringent rules relating to financial eligibility, including the five year look-back rule. …
Changes for the Gift Tax and Estate Tax
Prior to 2023, the maximum amount that a person could gift without filing a gift tax return was $16,000 per person. If an individual transferred gifts worth more than $16,000 to one person in a year, then the person who…
Custodial Accounts for Minors Should Be Exempt from Medicaid
According to the New Jersey Medicaid regulations, an individual is not allowed to own more than $2,000.00 of resources. A resource includes any bank accounts, checking accounts or other investments that are in the control and accessible to that person. …
Read More Custodial Accounts for Minors Should Be Exempt from Medicaid
Change in Law Concerning Medicaid Penalty
When gifts are provided within the Medicaid five year look-back period, the County Board of Social Services will impose a period of ineligibility for assistance. This is known as the Medicaid penalty period. The duration of the penalty period is…
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