February 2022
Important Updates Regarding Estate Taxes, Medicaid and Medicare
By Brian L. Miller, Esq.
With a new year upon us, we have new changes to the federal estate and gift tax limits, Medicare premiums, deductibles and co-insurance amounts for Medicare Part A and Part B programs, and the New York State Medicaid asset and income limits.
FEDERAL ESTATE AND GIFT TAX LIMITS
As of January 1, 2022, the federal annual gift tax exclusion rose to $16,000 per year per individual. This is an increase to the 2021 limit of $15,000 which was in place since 2018. This change means that you can now make gifts up to $16,000 annually to as many individuals as you would like each year without having to file a federal gift tax return.
For those who are applying for, or receiving, Nursing Home Medicaid, it must be noted that while the IRS has increased their gift amount limits, Medicaid will still treat uncompensated transfers as gifts which can incur a penalty period.
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