How much money can my grandparents gift?

Hammer: How much money can my grandparents gift?
My grandpa is in a nursing home and will probably gone on Medicaid soon. To get rid of some money, how much could they give to everyone for say a Christmas present this year without it be considered a gift. Cuz if grandpa goes on Medicaid, they won’t allow any gifts for the previous 5 years. So could they give $ 100 or present to each grandkid? What would be a good amount as a birthday amount that wouldn’t count against the gift?

Answers and Views:

Answer by Pearl L
just give all that money to charity

Answer by Pal
They can give up to $ 11,000.00 per child or grandchild withouth tax consequences. There is no restriction on what they can give before going on medicaide. Medicaide is determined on income and assets, If a few hundred bucks is going to make the difference them for get it.

Answer by Flower
He has to have less than $ 2000 in all, including cash and assets to get Medicaid. You can figure out from there.

Answer by Sweetn
That’s called transfering assets and is illegal. If Medicaid finds out (and they will because providing bank statements is part of the application process) the will not be able to go into a nursing home for 5 years. The best thing for him to do is set up a burial account and put the money there. If he is still married then there is no reason to give any money away, simply take his name off the joint accounts.