money gift to children

I’m interested & looking for some easy to understand way to gift tax exempt money to family .
Will this affect Medicaid should I need to use it ?
I’m elderly, 80 + & have approx. $ 300. savings.
I sold my home & now renting, have adequate income pension money to cover my living expenses.
My grand daughter is struggling, lost her job.
Is this something reasonable to look into ?
Cashing in my matured bonds has caused me to pay high taxes , especially on my SS income.
I have 2 more years to complete bond cashing, mature in 2016.
Hoping that you could offer some info on this idea ?
Many thanks.

Terry Says:  OK, you need some good planning and some trusted help.  Where do you live, what city/state?  In your case, if I know someone I can trust near you, I will make an exception and try to bring you to some help you can trust.  You don’t say whether you have a will, or a revocable living trust, or a healthcare power of attorney.  But you need to set these things up before you start giving away money you might need for your care in your very old age.

It is very nice of you to want to help your granddaughter. And I am going to tell you that you can give her some money at any time, without any tax consequences to you, or to her.  But, please, before you start — write back to me with another post (or send me an email to Terry@TerrySavage.com) so we can make sure that your needs are covered before you start giving money away.