Even in those cases where there are no exempt transfers available, and time is of the essence, in some cases we’ve been able to save families approximately 50% of their assets. Families often believed they were out of options because they needed a nursing home placement within the week. Although it is possible to help save some assets in this scenario, you don’t want to be caught in that situation. However, if you do already find yourself in that scenario, you do not need to shut down. Seek advice regarding what options you have to save the assets you’ve worked your entire life for.
This myth may be one of the most important and frankly, it’s a landmine that people fall victim to all of the time. What you need to know is that gifting could present a huge problem. What people are referring to is the gift tax, specifically the gift tax exclusion. This means that you can give away a certain amount of money every year without having to incur a tax for that gift. In 2022, that exclusion is $16,000. If you gave away that $16,000, yes, you would not owe any gift Myth #4 You’re allowed to give away money every year up to a certain amount, despite the look-back period.
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