Cannon Financial Institute

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.



  • Transfer Taxes vs Income Taxes
  • Unified Transfer Tax System
  • Gift and Estate Tax Rate Schedules
  • Annual Gift Tax Exclusion


  • 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

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