Drafting Income-Only Trusts for Medicaid Eligibility and Tax Planning
Navigating Look-Back, Grantor Trust, Basis, and Gift Tax Rules
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE webinar with Q&A
This CLE course will provide elder law counsel in-depth guidance on using income-only trusts for the benefit of their clients' Medicaid eligibility and tax planning needs. They will also discuss look-back requirements, income tax basis, gift tax rules, and more.
Outline
- Challenges of structuring income-only trusts
- Structuring income-only trusts
- Key provision
- Look-back rules
- Tax benefits and potential issues
- Treatment of income
- Treatment of gifts
- 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 income and gift tax benefits of the income-only trust?
- What are the necessary drafting techniques to maximize benefits?
Faculty
Kelly Gannott
Attorney
Kentucky ElderLaw
Ms. Gannott assists older clients, their children and other family members with Nursing Home, Medicaid, asset... | Read More
Ms. Gannott assists older clients, their children and other family members with Nursing Home, Medicaid, asset preservation, asset distribution, mental capacity, probate, guardianship and other issues, both financial and non-financial. In addition, she drafts legal documents such as Wills, Powers of Attorney, Living Wills, Health Care Surrogates, Care Agreements and Qualified Income Trusts (QITs) for clients and family members. She also speaks on elder law issues in a variety of forums.
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Michael J. Greenberg
Partner
Lamson & Cutner
Mr. Greenberg's practice includes estate planning for high net worth individuals and families, estate and trust... | Read More
Mr. Greenberg's practice includes estate planning for high net worth individuals and families, estate and trust administration, asset protection, charitable planning, special needs planning, Medicaid planning and Elder Law.
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Judith D. Grimaldi
Partner
Grimaldi & Yeung
Ms. Grimaldi has over 20 years’ experience as an elder law and estate planning attorney. Prior to practicing law,... | Read More
Ms. Grimaldi has over 20 years’ experience as an elder law and estate planning attorney. Prior to practicing law, she spent over a decade as a social worker, primarily assisting the elderly and disabled. She focuses her practice in the areas of estate planning, elder law, special needs planning, and the administration of estates. Her work includes the drafting of wills, various kinds of trusts and other succession planning documents as well as advising clients on the Medicare/Medicaid application process.
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