Are you able to gift to your children and grandchildren each year (12,000) without repercussions for the 5 year look back for Medicaid?

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Look at local costs for assisted living as a mid point. Take that number x 12 months x 5 years. Once you have that number add 10 % for wiggle room. If your net worth is higher than that calculated number then you are good to gift. If not those who are gifted may need to return all that money if you need to apply for Medicaid nursing home care.
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No.

Taxable limits have nothing to do with Medicaid requirements.
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No.
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