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