ESTATE PLANNING INSIGHTS By Ethan R. Okura and Carroll Dortch
From the American tradition of a big Thanksgiving feast to the various religious celebrations at this time of year, gifts and sharing with others are what make this holiday season so special. Unfortunately, many people are not aware that there can be unintended negative consequences for both the giver and the recipient of a gift when proper planning has not been done. There are three main things to think about when making gifts:
Taxes incurred by the giver and/or the recipient.
Nursing home Medicaid, Supplemental Security Income and similar resource-based government benefit program eligibility.
How the gift will affect the lifestyle of the giver and the recipient
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