This exclusion is limited to tuition. For example, the exclusion does not apply to expenses for books, room and board, or meal plans. The tuition expense exclusion applies only to enrollment to the institution.
Attorney Fred Jacobs is Florida Board Certified in Tax Law. Call Bach & Jacobs at (941) 906-1231 to schedule an appointment with Fred if you have questions about how the gift and estate tax laws affect you and your family.
Oftentimes, grandparents will give grandchildren and other relatives financial gifts which can be subject to taxation by the IRS. One can gift up to $14,000 to a single person without the transaction being taxed by the IRS. And for married couples, the IRS does not tax any gifts of $28,000 or less.
However, payments for tuition are not treated as taxable gifts, if given directly to the institution or medical provider.
In the next week, check the blog to see what the tuition gift tax exclusion is limited to and what educational institutions qualify for the exclusion.
Attorney Fred Jacobs is Florida Board Certified in Tax Law. Call Bach & Jacobs at (941) 906-1231 to schedule an appointment with Fred if you have questions about how the gift and estate tax laws affect you and your family.
To qualify for the medical expense gift tax exclusion, one has to give the payment directly to the medical provider. For example, one can make the payment out directly to the provider or they can give the check to a relative, as long as it is only payable to the provider. You should not “reimburse” the patient for an expense the patient already paid for or it will not be covered.
Attorney Fred Jacobs is Florida Board Certified in Tax Law. Call Bach & Jacobs at (941) 906-1231 to schedule an appointment with Fred if you have questions about how the gift and estate tax laws affect you and your family.
The Internal Revenue Code states that the medical expense gift tax exclusion applies to the transfer payments for “the diagnosis, cure, mitigation, treatment or prevention of disease, or for the purpose of affecting any structure or function of the body,” or “transportation primary for and essential to medical care.” For example, hospital bills, doctor’s visits, medication, and nursing home care are all expenses that qualify for the exclusion. Some long-term care services, health insurance payments, and travel to receive the care also qualify for the exemption.
Attorney Fred Jacobs is Florida Board Certified in Tax Law. Call Bach & Jacobs at (941) 906-1231 to schedule an appointment with Fred if you have questions about how the gift and estate tax laws affect you and your family.
A taxpayer can gift up to $14,000 to an individual each year without having to file a gift tax return. This is referred to as the “annual gift tax exclusion.”
If one wants to make additional gifts but has reached their limit on their annual gift tax, there are still other ways to gift money. One can give tax-free gifts directly to medical providers to cover medical expenses for someone else.
This week we’ll be posting about what expenses are covered and how to qualify for the exclusion for medical expenses.
Attorney Fred Jacobs is Florida Board Certified in Tax Law. Call Bach & Jacobs at (941) 906-1231 to schedule an appointment with Fred if you have questions about how the gift and estate tax laws affect you and your family.
Bill 0080 — Relating to Family Trust Companies
Bill 0232 — Relating to Guardianship
Bill 0494 — Relating to Digital Assets
Bill 1335 — Relating to Long-term Care Managed Care Prioritization
These bills took effect July 1, 2016.
Being one of the first ABLE (Achieving a Better Life Experience) savings plans in the country, Florida’s ABLE program now allows individuals with disabilities to maintain their eligibility for government benefits while owning more than $2,000 in assets.
As of July 13, 2016, Intuition ABLE Solutions has partnered with the Florida Prepaid College Board to launch the program. Qualifying individuals are required to hold their assets in ABLE accounts, which are modeled after college savings plans. The disabled individual acts as the owner and beneficiary of the account, and the growth of the account is tax-free. Up to $100,000 of the account is considered a non-countable resource. Funds may be withdrawn tax-free for qualifying expenses such as transportation, medical expenses, and housing.
However, there are several restrictions to the program. The individual applying for the program must have developed the disability by his/her 26th birthday. When the individual passes away, the state government must be paid back from any funds that remain in the account. Also, no more than $14,000 per year may be contributed to the account by the individual. The maximum limit of the account is $418,000.
If you have further questions on this topic or want to find out whether you or a loved one could benefit from an ABLE account, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.
Leon County and the City of Tallahassee are the first Dementia Caring Community in Florida, under a new designation in April 2016 by Sam Verghese, Secretary of the Florida Department of Elder Affairs.
According to Verghese, the initiative stems from the fact that Florida has the second highest incidence of Alzheimer’s disease in the United States. The community is part of the Department’s Dementia Care and Cure Initiative and will support individuals and families affected by the disease.
The department and city are currently in the process of creating a community work plan to take action at a local level. The city will work to achieve several goals for the Alzheimer’s and Dementia community through “awareness, assistance, and advocacy,” according to Verghese.
This announcement also comes with the news that the governor appointed four people to the Alzheimer’s Disease Advisory Committee. Three of the appointees will serve three-year terms and one will serve a two-year term.
If you hired a worker through a self-directed program and act as the employer, federal regulations require that you:
If you hired a worker through an agency or non-profit, federal regulations require that you:
© 2025 Bach, Jacobs & Byrne, P.A.. Website design & management by 81 & Sunny.
Recent Comments