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.
- The Big Picture
- Why should you care about this?
- Why are transfers to an irrevocable trust better than outright gifts?
- 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
- Powers (Retained Testamentary LPOA)
- Tax purpose
- Estate Inclusion of Completed Gifts
- 709 Filing Requirements
- Sample Tax-Return Preparation Disclaimer for Fee Agreements