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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 37066
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Giving money gifts every year to our kids $12000 If we wind

Customer Question

Giving money gifts every year to our kids $12000 If we wind up in a nursing home will goverment take those gifts back Is it better to give small gifts
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Ohio
JA: Has anything been filed or reported?
Customer: No
JA: Anything else you want the lawyer to know before I connect you?
Customer: Just trying to decide on three big gifts to our three children for Christmas or small gifts divided among children and grandchildren
Submitted: 8 months ago.
Category: Legal
Expert:  Barrister replied 8 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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First, you can gift up to $14,000 a year under the annual gift tax exemption if you choose to..

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If you are talking about having to eventually apply for Medicaid to pay for any long term care, then there is a 5 year "lookback window" where they will review any transfers made within the last 5 years and can disqualify you from receiving benefits for a period of time if there are transfers within that period.

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So if you don't anticipate needing long term care within the next 5 years, it is better to get everything out of your name as soon as possible, either by gifting it, or by putting it into an irrevocable trust, so you can protect it from having to be spent down on your own medical care as the asset limits are only $2,000 for an applicant as these are poverty based programs.

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thanks

Barrister

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