For example, you may want to give a gift of $14,000 to your children and benefit from the IRS annual gift tax exemption. However, if you need Medicaid coverage within five years, this gift would trigger a waiting period before you can be eligible for Medicaid benefits. While the gift is permissible for IRS purposes, it most definitely is not for Medicaid purposes. This mistake and its consequences can be quite costly. [Read more…]
By: Lee A. Schwartz, Esq.No matter the size of your estate or the complexity of your circumstances, it is important to have the proper estate planning documents in place to protect you, your family and your assets. Having the proper estate planning documents in place at the time of serious illness or death avoids uncertainty, which can create conflict among family members from which they may never recover.