Can my mother give away $10000 with no problems?

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Video Transcript

If your mother is trying to qualify for the Medicaid ICP program, then she needs to be very careful about giving away assets. This could be considered a transfer and she could get a penalty when applying for the Medicaid ICP program. It is a common misconception that you can give away up to $14,000 per year to any person without having any penalty, because that is the limit for federal estate and gift tax. However, that does not apply to the Medicaid ICP program and that would be considered a transfer that you’ll be penalized for.

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