BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Family Law

Date & Time
  • event Date

    Wednesday, December 4, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$197.00
CLE
ALL

This CLE course will provide elder law counsel in-depth guidance on using income-only trusts to enhance their clients' Medicaid eligibility and tax planning needs. They will also discuss look-back requirements, income tax basis, gift tax rules, and more.

Faculty

Esther S. Zelmanovitz
Managing Attorney
Esther Schwartz Zelmanovitz, PLLC

Ms. Zelmanovitz is the founder of Esther Schwartz Zelmanovitz, PLLC. She is proud to have assembled a team of highly competent and knowledgeable professionals who share her commitment to personalized, caring service to her clients. Ms. Zelmanovitz strives to provide concrete legal strategies to help clients problem-solve real-life situations and ultimately, relieve clients of stress and give them peace of mind. Her practice is focused in the areas of elder law, estate planning, and probate and estate administration.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Stephen J. Silverberg
Attorney
Law Office of Stephen J. Silverberg, PC

Mr. Silverberg is nationally recognized as a leader in the areas of estate planning, estate administration, asset preservation planning, and elder law. He is a past president of the prestigious National Academy of Elder Law Attorneys (NAELA), and a founding member and past president of the New York State chapter of NAELA. Mr. Silverberg was awarded the credential of NAELA Fellow, the highest honor bestowed by NAELA to “attorneys… whose careers concentrate on elder law, and who have distinguished themselves both by making exceptional contributions to meeting the needs of older Americans and by demonstrating a commitment to the Academy.” He is also a founding member of the New York State chapter of NAELA. Mr. Silverberg holds the designation of a Certified Elder Law Attorney (CELA), awarded by the National Elder Law Foundation. There are fewer than 520 CELAs throughout the United States.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

As the American population ages, many families struggle with planning for long-term care. An income-only trust is an important tool to have for counsel to elderly clients. This option can fulfill the nursing care and tax planning needs of clients whose assets would disqualify them from Medicaid, but don’t have sufficient assets or income to pay for their long-term expenses, such as home health aides or nursing home care. An income-only trust can protect assets, while still allowing the client to enjoy the use of the income generated from the trust assets.

Elder law counsel must be able to balance the intricacies involved in drafting and implementing the income-only trust with the precise Medicaid requirements to include the look-back periods.

Income-only trusts must be drafted carefully to preserve a client’s tax benefits. Counsel will learn essential techniques such as structuring the trust as a grantor trust to maximize income tax treatment and preserve tax benefits such as property tax discounts and the all-important step-up in basis.

Listen as our distinguished panel guides counsel to effectively structure income-only trusts for purposes of long-term care and tax planning. Specifically, the panel will provide techniques on how to use income-only trusts to maximize Medicaid eligibility and structure it as a grantor trust for tax benefits.

Outline

  1. Challenges of structuring income-only trusts
  2. Structuring income-only trusts
    1. Key provisions
  3. Look-back rules
  4. Tax benefits and potential issues
    1. Treatment of income
    2. Treatment of gifts
    3. Protecting assets against liability

Benefits

The panel will review these and other key issues:

  • How is an income-only trust beneficial for Medicaid eligibility purposes?
  • How are the various Medicaid eligibility requirements integrated in the income-only trust?
  • What are the necessary drafting techniques to maximize benefits?
  • When is it preferable to draft a Medicaid Asset Protection Trust that doesn’t allow the Grantor to retain income?