As of January 1, 2022, you can give up to $16,000 per year, per person without reporting to the IRS and without gift taxation. So, for example, if a married couple with three children wanted to give the maximum to each child, then they could...
Although joint accounts are often used so that there is always one owner who can handle the assets in the account in the event of the death or disability of the other owner, there are many problems that one should consider before opening a joint...
As of January 1, 2022, the homestead equity limit for a Medicaid applicant who is not married and who either applies for the nursing home Medicaid program or “waiver” home care Medicaid program will increase to $636,000 (presently $603,000). Thus, if the home equity (the...
Applicants for long-term care and Star+ Medicaid must be below an income cap as one of the requirements for eligibility, the solution for this is the creation of a Qualified Income Trust (QIT) formerly known as a Miller Trust. The government recently announced the gross...