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Walt Shurden Elder Law

How Much Money Can You Give Away Each Year Without Creating a Problem for Medicaid?

I'm asked sometimes by clients whether it's ok to give $15,000 annual exclusion gifts to their children and their children's spouses sometimes. The answer is, it's not ok if you anticipate a need for long-term care within the next five years. That exclusion is for gift in state taxes. There is no such exclusion or allowable transfers for Medicaid purposes. This means your family should not be making annual exclusion gifts if the person who is giving the money has long-term care needs within the next five years.

If you need help with Medicaid in any aspect, planning or eligibility, call our offices to schedule a consultation.