Tax Rules You MUST Know When Using Trusts (Medicaid Planning or Otherwise)

Thursday, October 1, 2020, 1pm EDT


Letha Sgritta McDowell, CELA and Robert A. Mason, JD, CELA, CAP

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Webinar Description:

Creating trusts for estate planning and Medicaid planning is an essential tool for every estate planning and elder law attorney. However, any time a trust is created, there are income tax consequences that could be both unexpected and detrimental to the client’s overall financial picture. Even a simple trust and simple plan will include assets that might generate income, or might later be sold and subject to income taxation. On the other hand intelligent use of tax concepts in trust design is a huge client benefit. Setting up a trust so that income tax benefits – like the capital gains exclusion on the sale of a personal residence – are preserved is often desirable, but this must be balanced with other factors, such as whether the client might qualify for veterans’ benefits. Married couples who create one trust together also have added complications, including changes to the income tax situation following the death of one spouse.

Join Elder Law experts Bob Mason and Letha McDowell for an online webinar covering income tax (and other) issues that are important to consider when creating trusts for Medicaid planning. Not only for Elder Law attorneys – the overall discussion of trust income taxation concepts will benefit all attorneys who draft irrevocable trusts.

Webinar Speakers

Robert A. Mason, JD, CELA, CAP ^

Robert A. Mason, JD, CELA, CAP is owner of Mason Law, PC, of Asheboro and Charlotte, North Carolina, a firm devoted exclusively to legal issues involving estate planning, the elderly, the disabled and asset protection planning.

Bob also is the creator and developer of TrustChimp, a trusts and tax learning resource for elder law attorneys and other financial professionals. Through TrustChimp Bob conducts intensive three day seminars throughout the country for attorneys mastering advanced Public Benefits, Trusts, and Tax issues. Better yet, those materials are available as an online “at home or office” course called “The BaseCamp.”

Bob is a Board Certified Specialist in Elder Law by the North Carolina State Bar Board of Legal Specialization, a Certified Elder Law Attorney by the National Elder Law Foundation, a Fellow of the American College of Trust and Estate Counsel (ACTEC), a member of the National Academy of Elder Law Attorneys Council of Advanced Practitioners (less than 100 nationwide), Chairman (twice) of the Elder Law Section of the North Carolina Bar Association, Chair of the North Carolina State Bar Board of Legal Specialization, a North Carolina “Super Lawyer” for multiple years, named to “Best Lawyers in America” in the Elder Law and Special Needs Law category, and a frequent speaker on elder and disabilities law issues.

With 30 years of legal experience, Bob has a Bachelor of Science in Communications from Northwestern University, Evanston, Illinois, and a Juris Doctor cum laude from Mercer University’s Walter F. George School of Law, Macon, Georgia (where he was Managing Editor of the Mercer Law Review).

Letha Sgritta McDowell, CELA ^

Letha Sgritta McDowell currently serves as InterActive Legal’s Director of Legal Strategy and she practices law with The Hook Law Center. She is licensed to practice in both North Carolina and Virginia and has been an elder law and special needs planning attorney for more than 10 Years. Ms. McDowell is a Certified Elder Law Attorney and Board Certified as a specialist in Elder Law by the North Carolina State Bar Board of Legal Specialization and she is accredited to prepare and prosecute claims with the Department of Veterans Affairs.

At InterActive Legal, Ms. McDowell provides insight into how modern law firm run in order to assist in strategic decisions about how to maximize the tools provided by InterActive Legal as well as what tools may be useful for practitioners in the future. In addition, Ms. McDowell contributes to the elder law and special needs planning content in the software and contributes to the InterActive Legal practice management and development tools.
Ms. McDowell is a member of the Board of Directors for the National Academy of Elder Law Attorneys, a member of the North Carolina Bar Association’s Elder Law and Estate Planning Sections, serves as Vice President of the Elder Law Specialization Committee for the North Carolina State Bar, and serves as an active mentor to a number of young attorneys through the North Carolina Chapter of the National Academy of Elder Law Attorneys. Ms. McDowell is a 2001 graduate of Purdue University and a 2004 graduate of the University of Maine School of Law.

CLE Credits

InterActive Legal is not an approved Continuing Education Sponsor. However, several states and regulatory agencies for a variety of professionals that participate on our teleconferences may still receive continuing education credit for their participation. If a participant wishes to receive CE credit for their participation in these teleconferences, they must apply to receive credit on their own and through their individual states and regulatory authorities. It is the responsibility of the participant to file for CE credit and is not guaranteed by the webinar sponsors.

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