Margaret T. Karl® 1100 W. Bagley Rd., Ste. 210, Berea, OH 44017 - (440) 973-4145

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(440) 973-4145

(855) 560-6062

Margaret T. Karl, Attorney At Law

Legal Services - Estate Planning

1100 W. Bagley Rd., Ste. 210, Berea, OH 44017

We serve most of the Greater Cleveland Area, including Berea, Brunswick, Strongsville, Middleburg Heights,

Olmsted Township, Olmsted Falls, North Olmsted, North Royalton, North Ridgeville, Westlake, North

 Royalton, Parma, Parma Heights, Seven Hills, Independence, Brecksville, Medina, and Columbia Station

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Home | Wills & Trusts | Power of Attorneys | Real Estate Transfers | Title Services | HOA Collections

 Medicaid Planning | Tax Minimization | Planned Gifting | Unclaimed Funds | Purchase Agreements

Sales Agreements | Small Business Planning | Estate Administration | Trustee Actions | Probate Actions

Public Speaking | Special Needs

Cleveland Magazine Eldercare Professionals of Ohio, LLC Home Department for Veterans Affairs Accreditation

Planned Gifting

When gifting cash while living, it’s important to keep in mind potential tax liability for both the giver and the recipient. More importantly, as a giver ages Medicaid planning should also be taken into consideration. Currently, Medicaid has a five-year look-back period, when it considers an individual’s assets with their application for Medicaid. For example, while a particular gift may not require the filing of a gift tax form, the gift could still be counted as an asset of the giver in their Medicaid application, depending on how long it has been since that gift was made to the recipient. Gift taxes and Medicaid are important issues to remember in gifting.

Givers would be wise to seek the guidance of an attorney, so they can knowledgeably consider a range of options for their planned gifting that could help minimize tax obligations and lessen the impact on their potential, future Medicaid application.

Planned Gifting Berea

Planned Gifting

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