Can I gift my children $14,000 a year?

No. Not if you are going into a nursing home and applying for Medicaid to pay for it. The $14,000 a year gift that everyone talks about is for gift tax purposes. It does not apply to Medicaid. Any gifts made within 5 years of applying for Medicaid will result in a penalty.

 

Please call our office for a free initial consultation* 

Battle Creek:               (269) 968-1101

4625 Beckley Rd, Bldg 400

Battle Creek, MI 49015, USA                                      

Kalamazoo:                 (269) 324-7344

6312 West Main Street

Kalamazoo, MI 49009, USA

info@wallingplc.com

* Except Asset Protection & Family Law consultations