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Tag: gifts

03Jan

Custodial Accounts for Minors Should Be Exempt from Medicaid

Posted by markelderlawon January 3, 2023January 3, 2023in Medicaid
Mother and father pulling kids in sleds in the snow

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

01Jul

Change in Law Concerning Medicaid Penalty

Posted by markelderlawon July 1, 2022July 1, 2022in Medicaid
grandma holding granddaughter on the shore

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…

Read More Change in Law Concerning Medicaid Penalty

06May

Increase in Exemption from Federal Estate Tax

Posted by markelderlawon May 6, 2022May 6, 2022in Estate Planning
elderly man getting tax services

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…

Read More Increase in Exemption from Federal Estate Tax

08Apr

IRS Increases Annual Exclusion for Gifts

Posted by markelderlawon April 8, 2022in Estate Planning
parents and children smiling

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…

Read More IRS Increases Annual Exclusion for Gifts

17Oct

Problems When Life Estate Is Sold During a Person’s Lifetime

Posted by markelderlawon October 17, 2021in Estate Planning
client selling life estate

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

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