Description
Total Credits: 1.5 Professional Practice
This program will cover the various planning strategies concerning the home and other real estate with an emphasis on the long term care benefits and tax implications. The program will also address the impact any transfers or changes in ownership may have on governmental benefits the owner may be receiving.
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Planning techniques in connection with real estate including when real property is an exempt asset for Medicaid purposes and potential exempt transfers of the
homestead - Compare/Contrast life estate deeds with a transfer of a home to an irrevocable trust with a particular emphasis on the tax implications of each
- The use of the limited power of appointment and its impact for income, gift and estate tax purposes
- Review of challenges created by real property encumbered by a mortgage
- Discuss the use of liens to recover Medicaid benefits paid and how to avoid the same
- Weigh carryover basis vs. stepped up basis
- Examine issues surrounding the payment of expenses following transfer, subsequent sales of the property, and any concerns regarding homeowners’ insurance and title policies
- Review the impact of transfer on various property tax exemptions and benefits, including the STAR exemption, VA benefits, HEAP and Agricultural exemptions
Overall Program Chair
Amy L. Earing, Esq., Lavelle & Finn, LLP, Latham
Program Faculty
Ann M. Sharpe, Esq., Cioffi, Slezak, Wildgrube P.C., Schenectady, NY
Materials
| Course Materials (1.4 MB) | Available after Purchase | ||