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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Family Law

Date & Time
  • event Date

    Thursday, March 10, 2022

  • 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 counsel and advisers serving elderly clients with a focused review of crafting irrevocable trusts to meet VA and Medicaid eligibility requirements and achieve asset protection and tax savings for clients.

Faculty

Angela N. Manz
Attorney
The Law Office of Angela N. Manz

Ms. Manz practices in the areas of estate planning and elder law. She is a member of National Academy of Elder Law Attorneys and Council of the Elder Law Section of the Virginia Bar Association. She is licensed to practice in Virginia and North Carolina, and presents frequently on VA benefits issues.

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Jeffrey L. Williamson
Founder
J. L. Williamson Law Group, LLC

Mr. Williamson’s practice specializes in taxation and estate planning. He has particular expertise in estate and gift taxation, income taxation of partnerships, and taxation issues unique to tax-exempt entities. He is also knowledgeable in the federal and state Medicaid rules and is skilled at drafting trusts and other types of sophisticated agreements.

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Description

When integrating estate with long-term care planning, elder law practitioners and tax advisers use irrevocable trusts to protect assets and qualify clients for VA and Medicaid benefits more efficiently. Counsel must know about different trusts and how trust terminology affects both the grantors and beneficiaries.

Counsel and advisers must understand income and transfer tax rules related to irrevocable trusts, which assets can go into the trust, restrictions on who can serve as trustee, prohibited trustee powers, how to make distributions, and various tax considerations.

Our panel will explain the difference between grantor and non-grantor trusts and how to use the grantor trust rules to a client's advantage. The panelists will also explain drafting approaches for trusts that maximize both income and transfer tax consequences, so the assets transferred to these irrevocable trusts are excluded from your client's Medicaid estate but included in your client's federal gross estate.

Listen as our authoritative panel of elder law and estate planning counsel outlines best practices to integrate irrevocable trusts into the estate and long-term care planning to ensure that clients meet the VA and Medicaid eligibility requirements and receive maximum asset preservation in the most tax-efficient manner possible.

Outline

  1. Irrevocable trust basics
  2. Rules for who can serve as trustee
  3. Trustee powers that must be prohibited
  4. Grantor trust status for income and estate tax purposes
  5. Estate tax and other considerations
  6. Assets that can go into the trust
  7. Distribution rules
  8. Asset protection
  9. Common trust challenges and ways to prevent them
  10. Revised VA lookback rules

Benefits

The panel will review these and other notable issues:

  • What are the income tax differences between grantor and non-grantor trusts?
  • How should counsel draft a trust compliant for both Medicaid and VA purposes?
  • How and why transfers to these trusts should be incomplete gifts for estate and gift tax purposes