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Hi and welcome to JA. I am Ray and will be the expert helping you today.
Are you really wanting to gift this to a relative or friend?Some more information here please.Are you worried about medicaid here or not??
I was wondering if you can give me more information here about the situation.Are you just wanting to gift it to someone, is medicaid a potential issue.
You can add funds to your life insurance here if you choose to do so.
You can also gift to a relative, the lifetime exemption is $5,430,00 so there would be no taxes.Anything over $14k a year you report it for informational purposes only again no gift taxes under the lifetime limit.
Medicaid does have a five year look back on something like this, thats why I asked if medicaid was involved.
If medicaid is not involved you can withdraw it and add to your life insurance or simply gift it to whoever you want here.
Please follow up I want to make sure I answered your question completely and any follow up.Thanks again.
And sorry did not get your follow up it did not go through.
If you have more here please just post it and ask anything about your situation.