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Financial Planning / Tax Strategies


Subject:  Re: Gift tax Date:  7/17/2018  3:18 PM
Author:  YewGuise Number:  127830 of 130720

Your mom can give as much as she likes. If it's over $14k per year, she just needs to include IRS Form 709 when she files her taxes.

There will be no tax consequences at the time of the gift. After she dies, there might be taxes then depending on the size of her estate.

Without knowing the reason(s) for this gift, I will add that if this is part of an asset-protection plan, you should note that Medicaid has a 5-year look-back. Also, Medicaid doesn't cover assisted living places anyway, just nursing homes, and not even all of those.
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