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…
Tag: gifts
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. …
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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…
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…
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