skip to Main Content

When are Transfers to a MAPT or VAPT Completed Gifts?

Webinar Recorded: November 5, 2015
Presented by Jeffrey Williamson, Esq., J.L.
Williamson Law Group and Brian Albee, JD, ElderCounsel
Duration: 83 minutes

In this webinar you will gain a better understanding of when transfers to a MAPT or VAPT are completed gifts for federal transfer tax purposes, and if so, when a gift tax return is required. This informative webinar will discuss the gift tax rules as they relate to transfers to irrevocable trusts, like the EC Medicaid Asset Protection Trust® and the EC Veterans Asset Protection Trust®. You will learn why this is important to you, your practice, and your clients. You will gain invaluable insights from a former Internal Revenue Agent who became well versed in the audit policies and procedures of the IRS.

Topics covered:

  1. The Big Picture
    • Why should you care about this?
    • Why are transfers to an irrevocable trust better than outright gifts?
  2. Gift Taxes
    • Code and Regulations
    • Definition of “gift”
    • The gift tax only applies to “completed” gifts
    • Definition of “completed” gift
    • To file or not to file, that is the question
  3. Powers (Retained Testamentary LPOA)
    • Tax purpose
  4. Estate Inclusion of Completed Gifts
  5. 709 Filing Requirements
  6. Sample Tax-Return Preparation Disclaimer for Fee Agreements
  7. Questions

Oops! This content is for ElderCounsel Members only.
If you would like to view this content consider becoming and member of ElderCounsel today.

Already a Member?

Learn more about ElderCounsel Membership