As your need for income decreases, you may consider sharing some of your wealth by gifting or donating to family or charities to reduce your estate on death or minimize taxes. If Medicaid may be in your future, their look back provisions for transfers for less than fair market value, and even small gifts may be aggregated to determine if your Medicare or other needed base benefits could be reduced, denied, or delayed.

The attorneys at Brooks, Tarulis & Tibble, LLC can advise you on such gifting and the impact it can have on receiving governmental and other benefits in the future.

This Bulletin is designed to provide our friends and clients with information regarding the various subject matters covered, it is not designed to take place of legal, accounting, or other professional advice.  If expert assistance is required, the services of a competent professional should be sought. This memorandum may constitute advertising under the rules regulating Illinois attorneys.