More For Your Money Radio Show

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This episode of “More for Your Money,” hosted by John Berkley, features Attorney Mike Vogel, an expert in estate planning and elder law. Vogel clarifies Federal Gift Tax (Form 709), explaining the $19,000 annual exclusion and the $14 million lifetime estate tax exemption, noting how gifts exceeding the annual exclusion reduce this lifetime amount.
He also addresses irrevocable trusts for Medicaid planning to protect assets from long-term care expenses, which typically involves a 5-year look-back period. However, Vogel strongly cautions that these trusts are “oversold,” leading to loss of asset control and difficulties finding facilities that accept Medicaid. He emphasizes the importance of maintaining financial flexibility and highlights the “absurdity” of liquidating IRAs to fund such trusts. Vogel stresses the crucial role of deep tax knowledge and comprehensive administrative follow-up, including filing Form 1041 for trusts, which many estate planning attorneys do not provide.