March 11, 2014 |
‘Gifting’ May Be Penalized By Medicaid
While people can “gift” up to $14,000 each to anyone they want to each year without tax penalty, that tactic is not going to fly ...
Learn More‘Gifting’ May Be Penalized By Medicaid
While people can “gift” up to $14,000 each to anyone they want to each year without tax penalty, that tactic is not going to fly if it is being done to “spend down” in order to get Medicaid to pay for nursing home care.
If a person is “gifting” money to family or friends in order to spend down to reach the resource limit for Medicaid nursing home coverage, it better be done five years ahead of time, according to an article in the New York Daily News.
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Blogs for Spending Down
December 11, 2013 |
Planning Now for the Potential of Alzheimer’s Later
More and more senior Americans are forced to deal with the devastating diagnosis of Alzheimer’s. Without planning, an Alzheimer’s diagnosis can be a devastating financial ...
Learn MoreDecember 4, 2013 |
Considering Gifting Your Home? Read This Before You Give Away The Castle.
Many parents want to believe that their children would never kick them out of their own home. However, the sad reality is that this has ...
Learn MoreOctober 16, 2013 |
‘Spending Down’ for Medicaid Coverage: A Cautionary Tale
Medicaid is a need-based public benefit program that assists citizens in paying for medical care. Therefore, a person can only receive benefits if he or ...
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