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Category Archives: Gifting

NJ Penalty Divisor Increase

Date - 29th Apr, 2015   |   Time - 7:05   |   Author - Senior-Planning

NJ Penalty Divisor Increase  Medicaid does not allow the transfer of gifts for less than the fair market value during the five years prior to obtaining Medicaid eligibility. This five year period is often referred to as the “look back” period. Should Medicaid locate a transfer or gift while reviewing the financial statements, a gift […]

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Here Is Your Holiday Gift… Followed By Your Medicaid Penalty!

Date - 19th Dec, 2014   |   Time - 3:37   |   Author - Senior-Planning

The holiday season is just around the corner. So tradition entails gift giving to family and friends. For many, gifting $14,000 according to the IRS’s Gift Tax Exclusion is the perfect holiday gift. The annual Gift Tax Exclusion is the total sum of money per year that an individual may gift to an unlimited number […]

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When a Medicaid applicant owns a home – could it be successfully transferred to a child?

Date - 5th Nov, 2014   |   Time - 12:30   |   Author - Senior-Planning

Senior Planning Services is the premiere Medicaid application company in the states of NY, NJ, PA and CT. We have been privileged to successfully process thousands of Medicaid applications on behalf of our clients. Our unique vantage point allows us to identify trends that have been occurring in regard to Medicaid’s enforcement of rules and […]

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Medicaid Planning – “Failing to plan is planning to fail”

Date - 3rd Sep, 2014   |   Time - 12:39   |   Author - Senior-Planning

If a hiker was setting out to cross Arizona’s Sonoran Desert, he would begin by planning weeks or even months in advance. He would be certain to pack all necessities such as water, clothing, a trail map, sun hats and anything that may be needed along the way. He will take the time to educate […]

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MEDICAID vs. IRS – Making Sense of Dollars and Cents

Date - 16th Jun, 2014   |   Time - 6:42   |   Author - Senior-Planning

Isn’t it frustrating when we make a mistake simply because we were misinformed? Remember the time that you missed the bus because the receptionist on the phone told you the incorrect time? Or you missed a business meeting because you were given the wrong directions? It certainly is frustrating when mistakes happen that could have […]

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