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Attorney Mike Vogel, a local attorney specializing in estate planning, returns to discuss critical financial and legal topics. He clarifies federal gift tax (Form 709), explaining that individuals can give $19,000 annually per person without reporting, but gifts exceeding this reduce one’s approximately $14 million lifetime federal estate tax exemption. Mike highlights that systematic giving over the exemption can be advantageous for the ultra-wealthy.
The episode extensively covers irrevocable trusts in Medicaid planning, a topic Mike Vogel often “cringes” at due to its “overusage” and “overselling”. While these trusts aim to protect assets after a five-year period, Vogel stresses significant disadvantages: individuals no longer own assets, and many long-term care facilities don’t readily accept Medicaid or impose lengthy private pay waiting periods, leaving funds inaccessible. Liquidating IRAs to fund such trusts is deemed “absurd” due to immediate tax implications versus uncertain future benefits. Vogel Law Firm prioritizes clean, clear facts and also handles related tax work for trusts and estates (Form 1041).