Is there a limit in Kentucky for how much a parent can gift a child per year?
My mom is in a nursing home, and on government assistance to pay for long term care. My dad is a living community spouse who owns his own house and car. I was thinking it was $600, but someone told me it was more.
Once Medicaid is involved, forget about gifting. Sit down with a benefits counselor or and elder law attorney and find Medicaid compliant ways to handle the assets.
Anyone can give anyone else any amount of money they want to. Taxes may have to paid on it, or it may cause a Medicaid penalty. I think that those are the limits you are wondering about, right?
The community spouse is allowed to keep a house, a car, and a fairly substantial amount of cash or other assets. This is based on the assumption that the community spouse will need those assets to live on. Giving some away doesn't seem very prudent under that assumption.
As a community spouse, I was initially told that I couldn't do any gifting, even $10 in birthday cards to grandchildren. Then my status changed and no one cared what I did with my money. I think Medicaid rules when there is a community spouse can be complicated, and they vary by state.
There is a website for Kentucky Department for Medicaid Services. That should guide you to the right contact information to ask your question.
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The community spouse is allowed to keep a house, a car, and a fairly substantial amount of cash or other assets. This is based on the assumption that the community spouse will need those assets to live on. Giving some away doesn't seem very prudent under that assumption.
As a community spouse, I was initially told that I couldn't do any gifting, even $10 in birthday cards to grandchildren. Then my status changed and no one cared what I did with my money. I think Medicaid rules when there is a community spouse can be complicated, and they vary by state.
There is a website for Kentucky Department for Medicaid Services. That should guide you to the right contact information to ask your question.
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