Transfer 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.

Topics

Overview

• Transfer Taxes vs Income Taxes
• Unified Transfer Tax System
• 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 Gifted
• Gift Valuation and Splitting
• The Annual Gift Tax Exclusion
• Filing Requirements
• Basis of Gifted Property

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

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