In order to receive federal assistance through the Medicaid program for nursing home care, assisted living, in-home care, or adult foster care, individuals must meet income and asset requirements. As a result of these rules, many candidates give away their money…
Transfers of property from one person or estate to another are considered taxable events by the Internal Revenue Service. These taxes are often referred to as gift taxes and estate taxes. They include any asset such as cash and property. The…
Anytime there is a transfer of assets, such as property or cash from one individual to another without receiving something in return of equal value, a gift tax is assessed. The asset has to be of a certain value for…
