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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, April 2, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$297.00
CLE
CPE
ALL

This CLE/CPE course will provide estate planners guidance on key generation-skipping transfer (GST) tax planning techniques in light of increased estate and gift tax exclusions and other key provisions under current tax law. The panel will discuss applicable GST rules and utilizing those rules to the advantage of clients, allocations, formula drafting, and more. The panel will also discuss reporting requirements, computing the GST tax, key challenges, and avoiding mistakes.

Faculty

Amber Waldman
Senior Director
RSM US, LLP

Ms. Waldman is an estate and gift senior director in RSM’s Washington National Tax practice. She spends most of her time serving ultra high net worth clients as an estate, gift, and generation-skipping transfer tax subject matter expert. Ms. Waldman has over ten years of experience in public accounting serving ultra high net worth families. She is passionate about helping clients accomplish their business, personal, and family planning goals by first listening to their concerns, and then creating well-thought-out tax strategies. Ms. Waldman advises on a wide spectrum of tax matters, including generation-skipping transfer tax remedies, adequate disclosure and proper gift tax reporting, estate and gift special valuation issues, and income tax ramifications of estate planning decisions.  

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Carol Warley
Partner
RSM US, LLP

Ms. Warley has been a partner at a Big Four firm, owner of a certified public accounting practice, and now serves as RSM’s Washington National Tax private client services tax practice leader. She is a thought leader and mentor in tax consultation services and specializes in estate and gift planning, charitable gift planning, and fiduciary income tax planning. Ms. Warley offers personalized consulting related to individual income tax, estate tax, gift tax, generation-skipping transfer tax, life insurance planning, stock option planning, charitable gift giving and fiduciary income tax. She works extensively with wealthy individuals, trusts, estates, family offices, corporate executives, retired executives, charitable entities and closely held business owners.

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Description

A solid foundation in the GST tax regime of Section 2632 and following statutes is critical to successful multi-generational gift tax planning and compliance. Estate planners must grasp skip-person transferees and gifts that will trigger GST tax, allocations, and formula drafting.

Estate planners should utilize all available mechanisms, such as gifting, trusts, and other transfer methods. GST tax planning can assist in limiting or avoiding gift and estate taxes. Reducing the estate and gift tax exemption will impact taxpayers wishing to leave substantial amounts to grandchildren or trusts that will eventually pass to grandchildren.

The increases in gift and estate exclusions, effective January 2024, provide planning opportunities that must be considered. The exemption from the federal GST tax is currently equal and tied to the amount of the estate and gift tax exemption. Therefore, any increase in the estate and gift tax exemption will likewise increase the GST tax exemption. Section 2642 provides the framework for determining the taxable portion of any GST under GST tax.

Furthermore, special rules apply to inclusion ratios and applicable fraction formulas, depending on the type of trust receiving a GST. To avoid costly tax consequences, estate planning counsel and advisers need to be constantly aware of the impact of these rules on transfers subject to the GST rules.

Listen as our experienced panel provides a deep and practical guide to applicable GST rules and methods for utilizing those rules to the advantage of clients, allocations, formula drafting, and more.

Outline

  1. GST planning: impact of increased estate and gift exclusion
  2. IRC 2642 structure
  3. Calculation of inclusion ratio
  4. Planning implication of pre-transfer inclusion ratio and fraction calculations
  5. Utilizing GST tax planning under current tax law

Benefits

The panel will review these and other important topics:

  • What are the key planning considerations in light of increased estate and gift exclusions?
  • How can GST tax planning assist clients under current tax law?
  • What is the interrelation between the inclusion ratio and an applicable fraction under Section 2642 and its regulations?
  • What are the special rules for trusts in calculating the inclusion ratio and imposition of GST tax?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify key GST planning considerations under current tax law
  • Understand how GST tax planning assists clients under current tax law
  • Recognize the interrelation between inclusion ratio and an applicable fraction under Section 2642 and its regulations
  • Understand the special rules for CLATs and other types of trusts in calculating the inclusion ratio and imposition of GST tax

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization preparing moderate-to-complex tax forms and schedules. Specific knowledge of estate tax rules and reporting; basic familiarity with gift tax concepts, exemption calculations, generation skipping taxes and portability of spousal lifetime exclusions.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.