Cannon Financial Institute

Tranfer Tax Workshop

This class is designed for people who have responsibility for preparing and reviewing gift, estate and generation skipping transfer tax returns.

Class time provides both comprehensive coverage of the relevant laws and regulations as well as practical hands on learning including case studies, quizzes and examples to apply the knowledge gained during the class.

Curriculum

Overview

  • Transfer taxes vs income taxes
  • Unified transfer tax system
  • Changes in the transfer tax system over time
  • Gift and estate tax rate schedules
  • Annual gift tax exclusion

Portability

  • Impact of portability rules on traditional estate plans
  • Computing the Deceased Spouse Unused Exclusion (DSUE) amount
  • Making the portability election
  • The last deceased spouse rule
  • Using the Clayton QTIP with the portability election

The Federal Gift Tax System (IRC Chapter 12)

  • Completed gifts
  • Gift valuation
  • Gift splitting
  • The annual gift tax exclusion
  • Filing requirements
  • Basis of gifted property
  • Case Study – gift tax return

The Federal Estate Tax System (IRC Chapter 11)

  • Framework of the Federal Estate Tax
  • Computing the Gross Estate
  • Retained economic interests under IRC Chapter 14
  • Valuation of the Estate
  • Estate tax deductions
  • Filing requirements
  • Estate tax credits
  • New obligation to report basis of assets to IRS and beneficiaries
  • Case Study – estate tax return

Generation Skipping Transfer Tax

  • Overview
  • Determining skip and non-skip persons
  • GST tax tables
  • Computing the inclusion ratio
  • Automatic allocation rules
  • Taxable events: Direct Skips, Taxable Distributions, Taxable Terminations
  • Predeceased parent rule
  • Step-down rule on taxable terminations
  • Return requirements
  • What we need to know about the trust for GST purposes
  • Making the reverse QTIP election
  • GST planning issues
  • Splitting GST trusts to simplify GST accounting and reporting
  • Case study – GST tax returns

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