BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

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, January 23, 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.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00
CLE
CPE
ALL

This CLE/CPE webinar will provide estate planners guidance on key gifting strategies for individuals and couples under current tax law and in light of increased gift, estate, and generation-skipping transfer tax (GST) exemptions for 2024. The panel will discuss mechanisms for balancing income and transfer tax benefits, key gifting considerations, asset selection, and other critical items for estate planners.

Faculty

Michael T. Clear
Partner, Chair Private Client Services Department
Wiggin And Dana LLP

Mr. Clear regularly counsels clients on the far-reaching financial implications of estate planning, estate and trust administration, probate litigation, and business succession planning. His estate planning practice includes assisting individuals and families in tax-efficient and practical estate and gift planning, including the preparation of wills, revocable living trusts, insurance trusts, and entities to own special family assets such as vacation homes and collections. Mr. Clear’s estate and trust administration practice often dovetails with his probate litigation experience, where he advises clients in will and trust construction cases, contested accountings, fiduciary removal proceedings, payment of unpaid claims, and conservatorship and guardianship matters. Mr. Clear also assists business owners with succession planning by presenting to family groups on business/estate planning matters and by preparing business entities, shareholders’ agreements, buy-sell agreements, and grantor-retained annuity trusts. He often facilitates the sale or purchase of business assets.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Vanessa L. Maczko
Partner
Wiggin And Dana LLP

Ms. Maczko is a Partner in Wiggin and Dana’s Private Client Services Department in the Greenwich, CT office. She advises high net-worth individuals and families on multi-generational transfers of assets, such as closely-held business interests, marketable securities, art collections, real estate, tangible personal property and insurance policies. Ms. Macczko's practice focuses on estate, gift and generation-skipping transfer tax planning.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

The gift, estate, and GST tax exemptions for 2024 are historically high and present significant tax-free gifting opportunities. Estate and trust counsel must reevaluate planning mechanisms for estates and trusts. A key focal point for an effective estate plan involves a critical analysis of gifting strategies and other related transactions under current tax law.

Gift and estate tax exemptions increased to $13,610,000 for 2024 with married couples being able to transfer $27,220,000. For those who maximized lifetime gifts under previous limits, additional tax-free gifts may be made in 2024. This increase in exemptions has also been applied to GST as well. In addition, the annual exclusion amount has also increased for tax-free gifts up to $18,000 or $36,000 for a married couple splitting gifts.

Estate planning counsel must recognize available gifting techniques and determine if they are appropriate to avoid unintended tax liability while also maintaining the client's intent. Understanding the advantages and potential ramifications of making gifts and transfers during life and other methods will ensure adequate planning for an estate.

Listen as our panel discusses effective balancing of income and transfer tax benefits, key gifting considerations, asset selection, and other critical items for estate planners.

Outline

  1. Key gifting considerations under current tax law
  2. Determining the appropriate gifting strategy
  3. Gifting to minimize income taxes
  4. Gifting to minimize transfer taxes
  5. Best practices and other planning options

Benefits

The panel will discuss these and other key issues:

  • What are the critical gifting considerations under current tax law?
  • What are the items to consider when determining the appropriate gifting strategy?
  • What options are available to minimize income taxes?
  • How do you ensure optimum tax basis planning?
  • What options are available to minimize transfer taxes?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Recognize critical gifting considerations under current tax law
  • Identify items that must be considered when determining the appropriate gifting strategy
  • Ascertain what options are available to minimize income taxes
  • Understand how to ensure optimum tax basis planning
  • Ascertain what options are available to minimize transfer taxes

  • 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 preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

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.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).