It’s gift-giving season! 🎁 Thinking about helping your grandchild with a down payment on a house this Christmas? 🏡 Here’s the good news: As of 2024, you can gift up to $18,000 per person without worrying about gift taxes. 🎉 But if you want to go above and beyond and gift more, you can absolutely do that! 😄 Just keep in mind, anything over that amount will require you to file a gift tax return. Important Note: If you’re thinking about Medicaid planning in the future, be aware that the 5-year lookback period can apply to gifts. So, it’s crucial to plan carefully. If you need help navigating this, we’ve got you covered! 📲 #GiftTax #EstatePlanning #MedicaidPlanning #Taxes #KornfeldLawFirm #BrooklynWill #BrooklynSeniors #BrooklynElderlaw #BrooklynEstatePlanning #WealthPlanning #EstatePlanningAttorney #ElderLawAttorney #BrooklynProbate
