The gifting of assets in order to protect them from being spent on long term nursing care is a common Elder Law planning option. The initial decision to make gifts will be dependent on various factors including, but not limited to, the Medicaid gifting rules, the total […]
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Clients who want to protect assets from the expense related to the future need for long term nursing care choose to transfer some or all of their assets to a Medicaid Asset Protection Trust. The capital gains tax basis for assets transferred to the Medicaid Asset Protection […]
Read more →Many people speak to us about gifting and transferring assets to protect them from spending on nursing home care. Frequently, they believe that gifted assets will be immediately exempt from PA Inheritance Tax. That is not correct. In Pennsylvania, a gift in excess of $3,000 must be […]
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