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Pros And Cons Of Gifting A House

Webinar: ID# 1015297
Recorded CD or On-Demand
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About This Course:
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.

Learning Objectives

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?

    • Pros
    • Cons

  • Transfer to a trust?

    • Pros
    • Cons
    • Trust drafting requirements

  • Retain life estate?

    • Definition of "life use"
    • Pros
    • 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?
Faculty

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.

Processing

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.

Credit Confirmation

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.


Delivery

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.
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Pros And Cons Of Gifting A House
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