This Tuesday Triage episode breaks down how gift tax actually works, when a gift must be reported to the IRS, and why most people won’t owe gift tax but may need to file a gift tax return anyway. Using a real listener scenario, Jill explains what counts as a gift, what doesn’t, four major exceptions, and common year-end mistakes that can accidentally trigger IRS reporting rules. And, as always, she reminds us that not all gifts come wrapped. Sometimes the most meaningful gift is showing up. What You’ll Learn in This Episode What legally qualifies as a gift and why “taxable gift” does not automatically mean tax owed The difference between gift tax (during life) and estate tax (after death) and how they are unified Why most Americans will never owe gift tax due to the multi-million-dollar federal gift and estate tax exemption (~$14M per person in 2025) Which state still has a separate gift tax (and why it generally aligns with federal rules) Four major no-tax and no-reporting exceptions, including: charitable gifts to qualified 501(c)(3) organizations (not GoFundMe), annual exclusion gifts up to $19,000 per person in 2025, direct payments of tuition and medical expenses, and unlimited gifts to a U.S.-citizen spouse How gift splitting works for married couples and why it requires filing a gift tax return even if no tax is owed Why postmarks matter more than check dates (the mailbox rule) The Medicaid look-back risk and why gifting can hurt Medicaid long-term care eligibility Resources & Links: Join the waitlist for The Death Readiness Playbook: https://www.deathreadiness.com/playbook Episode 20 — What You Need to Know About Medicaid and Protecting Your Mom’s House Submit a question for Tuesday Triage Connect with Jill: Website: DeathReadiness.com Email:
[email protected] Learn more about Jill’s services Subscribe to the Death Readiness Dispatch! Submit a question for Tuesday Triage Did you enjoy this episode? Share it with someone you care about. This podcast provides estate planning guidance for women and discusses real, practical issues, from caregiving, pre-planning a funeral, how to avoid probate using beneficiary designations, planning for individuals with special needs (and special needs trusts), whether you need a professional fiduciary (trustee or executor), how the estate tax works and how to preserve your legacy. Tuesday Triage episodes answer questions from listeners like you, from powers of attorney, healthcare advance directives (and whether they work when you’re pregnant), what a Last Will and Testament really is, whether you need a trust, how Medicaid works and how to have senior and elder care conversations and how to care for aging parents. Disclaimer : This podcast and all related content are for educational purposes only and do not constitute legal advice. No attorney-client relationship is established here. Use of this information without careful analysis and review by your attorney, CPA, and/or financial advisor may cause serious adverse consequences. For legal guidance tailored to your unique situation, consult with a licensed attorney in your state.
