Drafting Irrevocable Trusts to Preserve Medicaid and VA Benefits
Selecting Trust Type, Protecting Assets, and Optimizing Tax Planning for Long-Term Care
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will provide counsel and advisers serving elder 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.
- Type of trust
- Irrevocable trust
- Self-settled trust
- Assets that can go into the trust
- Rules for who can serve as trustee
- Common trust challenges and ways to prevent them
- Trustee powers that must be prohibited
- Distribution rules
- Grantor trust status for income and estate tax purposes
- Control veteran’s purposes?
- Other tax considerations
- Asset protection
The panel will review these and other key issues:
- What are the income tax differences between grantor and non-grantor trusts?
- What are key considerations when determining when to draft grantor and non-grantor trusts?
- What are the lessons from In re Estate of Melby (Iowa 2016) for elder law and estate planning counsel?
- How should counsel draft a trust that is compliant for both Medicaid and VA purposes?
- What are the estate and gift tax ramifications for these types of trusts, and how can these trusts be drafted so that the assets they own are excluded from your client’s Medicaid estate but included in your client’s federal gross estate?
Angela N. Manz
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... | Read More
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.Close
Jeffrey L. Williamson, Esq.
J. L. Williamson Law Group
Mr. Williamson’s practice specializes in taxation and estate planning. He has particular expertise in estate and... | Read More
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.Close