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Gifting Strategies

Gifting serves several purposes:

  • A means to transfer wealth during one’s lifetime, allowing the giver the joy of watching the recipient benefit
  • Support a cause you believe in; potentially reducing income taxes
  • Reduces assets in order to qualify for Medicaid benefits; there is a 5 year "look back”
  • Reduces the size of your estate upon death; potentially reducing any estate tax

NOTE: Some advocate accelerating asset transfers to the next generation to qualify for Medicaid benefits. Medicaid is on to this strategy and there is a 5 year "look back”—meaning that Medicaid considers gifts made during the 5 previous years in determining your eligibility.

Gifting may be personal or charitable. 

When implementing advanced gifting strategies you should work with a tax advisor, financial planner or attorney with specialized knowledge in this area. 


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