Pros And Cons Of Gifting A House
|Date / Time:
Elderly clients regularly pose the question of whether they should gift their house to their children. But doing so could have negative implications.
Considerations that must be taken into account when structuring the gift of a home include liability for gift and capital gains tax - and whether to set up the gift as an outright gift or transfer it to a trust.
Additionally, under Medicaid laws, transferring ownership of a home, usually in the form of a gift, is subject to the look-back period. Therefore, it is important to structure the gift of a residence without risking Medicaid eligibility.
Listen as our authoritative panel of practitioners guides you through the complexities and considerations for a senior client wishing to transfer a house to the children.
The panel will discuss Medicaid eligibility and gifting rules, gift and capital gains tax implications, ways to structure the gift, and alternatives to gifting. Covered topics include:
- Medicaid eligibility & gifting rules
- Functional eligibility
- Asset limitations
- Impact of gifting and look-back period
- Individual vs. married couple
- Gift tax
- Annual exemption
- Impact on estate tax exemption
- Tax filing requirements
- Capital gains tax
- Determining tax basis
- Who gets the capital gains tax exemption?
- Estimating capital gains tax liability
- Outright gift?
- Transfer to a trust?
- Trust drafting requirements
- Retain life estate?
- Definition of "life use"
- Cons: Clients maintain a valued ownership; will the state force the children to be landlords someday?
- Alternatives to gifting the house
- In what situations should elder clients gift their house to their children outright versus setting up a trust?
- What are the key tax issues to understand and consider when senior clients want to gift the residence?
- What issues should counsel consider in order to maintain Medicaid eligibility for their clients?
Michael J. Keenan, Atty
Keenan Law, Glastonbury, Conn.
Mr. Keenan specializes in elder law, estate planning, special needs trusts and probate law. He has written articles for legal journals and periodicals on the topics of special needs trusts, estate planning and the termination of parental rights. He is a frequent speaker at professional organizations on the topics of elder law, estate planning and special needs trusts.
Kelly Gannott, Esq.
Kentucky ElderLaw, Louisville, Ky.
Ms. Gannott assists older clients, their children and other family members with Nursing Home, Medicaid, asset preservation, asset distribution, mental capacity, probate, guardianship and other issues, both financial and non-financial. In addition, she drafts legal documents such as Wills, Powers of Attorney, Living Wills, Health Care Surrogates, Care Agreements and Qualified Income Trusts (QITs) for clients and family members. She also speaks on elder law issues in a variety of forums.
Misty Clark Vantrease, Esq.
Kentucky ElderLaw, Louisville, Ky.
Ms. Vantrease assists older clients, their children and other family members, with Nursing Home, Medicaid, asset preservation, asset distribution, mental capacity, probate, Guardianship and other issues, both financial and non-financial. In addition, she drafts legal documents such as Wills, Powers of Attorney, Living Wills, Health Care Surrogates, and Care Agreements for clients and family members. She also speaks and teaches in a variety of forums.
Continuing Education Credits Available
This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.
Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.
Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.
Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.
If you order a recorded version of the webinar, CDs will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
Cannot Attend The Live Presentation?
This presentation is also available in a recorded format, in On-Demand Or CD versions, as shown in the pricing options below.
|About Webcasts / Audio Conferences / Podcasts:|
Webcasts, audio conferences, and podcasts are presentations that you
attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.
versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without
any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back
at work immediately after the session ends!
And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous
times and to share it with others in your office.
Handout materials and the phone number for live presentations are made available to you prior to the event via email from the
presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.
|Licenses / Designations / Educational Credits:||CLE|
All US States: 1.5
|About The Provider:
||Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting their website.
Strafford webinars and teleconferences offer an excellent opportunity to train your entire staff—with no lost travel time or expenses. They are extremely cost-effective—allowing an unlimited number of people at your location to listen from a single line at no additional charge.
Each live seminar features presentations by a panel of nationally recognized authorities, followed by an interactive Q&A session. Presentation materials can be viewed online or printed out. Audio can be accessed via the web or a telephone.
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