Episode 35

Attorney Mike Vogel on Estate Planning, Gift Tax, and Irrevocable Trusts - 08/23/2025

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August 23rd, 2025

52 mins 50 secs

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fiduciary c corporations portability federal reserve interest rates market update vogel law firm trust administration tax knowledge form 1041 step-up in basis operating agreements corporate formalities corporate work s corporations llcs asset protection 5-year look-back period lifetime exemption annual exclusion long-term care expenses medicaid planning irrevocable trusts form 709 federal gift tax elder law mike vogle estate planning

About this Episode

This episode of "More for Your Money," hosted by John Berkley, features Attorney Mike Vogel discussing estate planning and elder law. Vogel clarifies Federal Gift Tax (Form 709), detailing the $19,000 annual exclusion and the $14 million lifetime exemption, noting gifts reduce this amount. He also addresses irrevocable trusts for Medicaid planning, explaining the 5-year look-back period while cautioning against their "oversold" nature and significant disadvantages like loss of asset control. Vogel emphasizes maintaining financial flexibility and the importance of tax knowledge in estate planning.