Proper Planning Is Necessary to Protect Your Child's Settlement
- Care Planning
- Elder Law
- Estate Planning
- Health Care Surrogate
- Life Care Planning
- North Florida
- Orange Park
- people with disabilities
- People with Intellectual or Developmental Disabilities
- Section 8 Housing
- Social Security Income
- Special Needs Planning
- Special Needs Trust
Gifts to Family Members Can Affect Medicaid Eligibility
One question we are often asked by clients is if giving financial gifts to their family members will affect them adversely if they need to apply for Medicaid to cover the cost of nursing home care. Our response is that while current federal law permits gifts up to $15,000 annually, per individual, without the recipient having to pay a gift tax, such gifts may be treated as a transfer by Medicaid, and a penalty may apply depending on the time of the gift and the Medicaid application. It is important to consult with an Elder Law Attorney to understand the difference between between federal tax and Medicaid guidelines regarding gifts prior to giving them.
If you need help with applying for Medicaid, Medicaid Eligibility Planning, and preparing for your and your family’s future, including the costs associated with aging and concerns regarding long-term care, please do not delay, and set an appointment with one of our knowledgeable, compassionate, and caring Elder Law Attorneys at any of our offices located in Orange Park, Jacksonville, Julington Creek, and St. Augustine.
We are your Florida First Coast Elder Law Attorneys.