Event Description

Gifting is a key part of any estate plan. If done correctly, wealth can be transferred to other family members and loved ones while minimizing the tax effects. However, clawback provisions, exemption limitations, and the estate tax structure make this process wrought with potential pitfalls. In this course, we will discuss the rules surrounding gifting, as well as some ways to help clients mitigate any negative tax surprises. We will also discuss the particularly tricky issue of trying to gift assets in order to qualify for Medicaid.

Objectives

-Recognize when transfers are subject to gift taxes. -Identify what gifts are not eligible for the annual exclusion. -State what is required for gift splitting. -Recognize the Medicaid look-back rules.