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…
Tag: gifts
Increase in Exemption from Federal Estate Tax
The federal government has an estate tax that applies to estates that are worth a significant amount. New Jersey used to have an estate tax but it was phased out. In 2017 the exemption from the New Jersey estate tax…
IRS Increases Annual Exclusion for Gifts
If you provide too much money as a gift to someone during a year then you may have to file a gift tax return with the IRS. The gift tax return is known as Form 709. If the total gifts…
Problems When Life Estate Is Sold During a Person’s Lifetime
What happens if the property is sold during the lifetime of the parent? Many individuals protect their home from Medicaid and the cost of long-term care by transferring their property to a family member but retaining a life estate interest. …
Read More Problems When Life Estate Is Sold During a Person’s Lifetime
Medicaid Laws Allow the Transfer of Assets to a Disabled Individual
An individual who requires long-term care will be eligible for Medicaid if the assets are spent down to less than $2,000. There are both federal and state Medicaid laws, however, that prevent a person from gifting assets to family members…
Read More Medicaid Laws Allow the Transfer of Assets to a Disabled Individual
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