Drafting Irrevocable Trusts to Preserve Medicaid and VA Benefits
Selecting Trust Type, Protecting Assets, and Optimizing Tax Planning for Long-Term Care
Note: CPE credit is not offered on this program
Recording of a 90-minute CLE video webinar with Q&A
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.
- Irrevocable trust basics
- Rules for who can serve as trustee
- Trustee powers that must be prohibited
- Grantor trust status for income and estate tax purposes
- Estate tax and other considerations
- Assets that can go into the trust
- Distribution rules
- Asset protection
- Common trust challenges and ways to prevent them
- Revised VA lookback rules
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 that is compliant for both Medicaid and VA purposes?
- How and why transfers to these trusts should be incomplete gifts for estate and gift tax purposes?
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
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