In Tennessee, the state Medicaid program is known as TennCare. Broken down more specifically for those needing services in a nursing home, assisted living, or home setting, the program is called TennCare Choices in Long-Term Care. Under the umbrella of Choices, there are three groups an applicant can qualify for: Group 1, Group 2, and Group 3.
In this season of giving let’s take a moment to review the basics of gift taxation.
Its been said it is better to give than receive. Maybe so, but what do you need to know about the gift taxes. First of all what is “gift tax” and who pays it? Gift tax very simply stated is the tax assessed on the value of property (of any kind) that is gifted from one person to another that is not your spouse. The person who makes the gift is responsible for reporting and paying any tax that may be due.