by Steve King | Feb 1, 2022 | Did you know?, gifts, medicaid
Originally posted on 12/26/2017 and revised 2/1/2022 Did you know that making a gift does not necessarily disqualify you from getting Medicaid for the next five years? Medicaid is a needs-based program, which means that your income and assets must be below a certain...
by Steve King | Jan 21, 2022 | Did you know?, gifting
In most cases, you don’t have to pay taxes when you receive a gift. In Washington, when you receive a gift, the person who gave you the gift pays the taxes (I talked about the taxes that the gift giver may have to pay in my January 4th post). The one exception is...
by Steve King | Jan 4, 2022 | Did you know?, gifting
Many people think that if you make a gift larger than $16,000 (prior to 2022, this amount was $15,000), you have to pay taxes on that gift, but for most people the answer is that you don’t owe any taxes. Under current federal law, a person can make up to $12.06...
by Steve King | Aug 9, 2020 | Did you know?, estate planning, probate
Did you know that if you die without a will, a revocable trust, or some other means to pass your assets upon death, they will be distributed to your relatives under the Washington State laws of intestacy? Under those laws, if you are married your spouse gets all of...
by Steve King | Jan 29, 2019 | Did you know?, medicaid
Many people use a revocable trust (also known as a living trust) instead of a will to do their estate planning. Revocable trusts are a great estate planning tool, but if you and your spouse want to include Medicaid planning in your estate plan, you might want to...
