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The 10000 Gift and Medicaid Eligibility

I am Jimmy Miller, an Elder Care Attorney practicing in the south Florida marketplace. I receive many questions about the 10000 Gift and Medicaid eligibility.  Specifically, I am often asked, ” “Can I make a $10,000 gift to my children and be eligible for Medicaid?” Medicaid is a governmental program designed to assist seniors in funding long term health care expenses, and it is based on medical and financial, and asset needs.

Even though Internal Revenue Service says that you can give up to $14,000 a year to any person without having to file a Gift Tax return, Medicaid is not bound to grant you Medicaid eligibility.  Any amount up to $14,000 that is provided to a child as a gift is considered an available asset under Medicaid’s standards.  Therefore, that income would be taken into consideration, and may, in many cases, eliminate you from being able to receive Medicaid benefits. This is one of the many reasons that you should  consult an experienced Elder Care Attorney to determine what vehicles are the best for giving gifts to your children.

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