Lifetime Gifts

Monday, May 22, 2017

Potential Problems of Lifetime Gifts

Many of our clients want to know if and how they can safely gift money to their children and grandchildren. What do they need to know about gift tax? What about the Medicaid 5-year lookback period? 

Many people know that there is a certain amount that they are “allowed” to gift each year without it being a taxable gift. Federally, $14,000 (also known as the annual exclusion) is the amount that can be given from one individual to another without incurring a gift tax. That amount is on a “per person” basis, meaning that you could walk down the street giving out $14,000 to every person you meet, and no gift tax would ever be incurred. But what does that actually mean? Is there a tax that is paid if you gift over that amount in a given year, and if so, who pays the tax?

Read more . . .

Case Estate & Elder Law, PC assists clients in Barnstable County, Dukes County, Nantucket County, and Plymouth County MA; areas include but are not limited to Cape Cod, Martha's Vineyard, Nantucket, and Plymouth.

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