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Can gifts be made to family members each year within the IRS guidelines without affecting the five-year look-back period for Medicaid if Mom or Dad eventually needs to be placed in a nursing home?

Gift tax is a federal tax that is applied when a person gives something of value, such as cash or real estate, to someone else without payment or receives payment under market value. It is the person who gifted that is responsible for paying the gift tax. The recipient does not pay a gift tax. …

Can gifts be made to family members each year within the IRS guidelines without affecting the five-year look-back period for Medicaid if Mom or Dad eventually needs to be placed in a nursing home? Read More »