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As a medical recipient can I gift a car to my granddauhter,

Customer Question
As a medical recipient...

As a medical recipient can I gift a car to my granddauhter, value being $1000 without penalty And would it be better for her to pay $100 or be gifted

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

As med i cal recipient can I gift my granddaughter a car with no penalty to med i cal The car is not a listed asset. And is it better to gift car or have her pay $100 forcar..

Accountant's Assistant: What state is this in? And how old is the car?

California

Accountant's Assistant: Has anything been filed or reported?

No

Submitted: 9 months ago.Category: Tax
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Answered in 10 minutes by:
7/31/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 9 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,195
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane

...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

Bear with me a moment and I’ll provide my initial response, and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 9 months ago

Is this a second car? and ... is it already in your name?

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 9 months ago

WHile I'm waiting, here are the exemptions (I'll underline the pertinent part)

...

Resource Exclusions (CA programs)

The following items do not count as resources:

  • The home, and any adjoining land
  • Household goods and personal effects that have a total value of $2,000 or less
  • One car if it is: necessary for employment, or necessary for medical treatment, or modified for use by a disabled person, or it provides necessary transportation to perform essential daily activities, or has a current market value less than $4500
  • Property of a trade or business that is essential for self-support
  • Non-business property which is essential to self-support
  • Resources of a blind or disabled individual necessary to fulfill an approved PASS
  • Certain stocks held by Alaskan natives
  • Life insurance, if the total face value of all policies on one person do not exceed $1500. Otherwise, the cash surrender values of life insurance policies will count as a resource
  • Restricted allotted Native American lands
  • Payments or benefits paid under other Federal statutes
  • Disaster relief assistance
  • Burial space of any value, and burial funds up to $1500
  • Title XVI (SSI) or Title II (SSDI) retroactive payments for 6 months
  • Housing assistance
  • Earned Income Tax Credits
  • Nine months of payments received as compensation for expenses or losses suffered as a result of a crime
  • Nine months of reallocation assistance
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,195
14,195 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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