Poulsbo 

19717 Front Street NE, Poulsbo, WA 98370​
PO Box 400

tel: (360) 779-5551 | fax: (360) 779-1229

email: info@westsoundlegal.com
E
Bainbridge Island

241 Madison Avenue N, Bainbridge Island WA 98110
PO Box 10400

tel: (206) 842-5681 | fax: (206) 842-6356

email:  mcgonagle@sherrardlaw.com

Offices: Sherrard McGonagle Tizzano & Lind
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What is "Elder Law"?

February 11, 2017

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How Much Money Can I Give My Children Without Penalty?

February 11, 2017

Q&A Corner with Richard Tizzano, Elder Law & Estate Planning Attorney

 

QUESTION: How much can I give my children without penalty?

 

ANSWER:

 

 

You can give any individual up to $14,000 per calendar year without preparing a gift tax return. However, this amount has nothing to do with Medical Assistance (Medicaid) and nursing home care. 

The laws have changed radically and gifting is no longer possible unless it is done more than five years before needing Medical Assistance. 

 

Transfers can be made between spouses in certain situations. It is very important to consult an attorney familiar with Medical Assistance laws as these laws change frequently.

 

 

 


 

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