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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Friday, October 18, 2024

  • schedule Time

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

  • timer Program Length

    110 minutes

Credit Information

  • 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).

$197.00
CPE
ALL

This webinar will take a fresh look at gifting strategies that will help clients maximize the use of their gift tax exemption in the current estate planning environment. Our expert panelists will provide an overview of gifting methods, including using the annual exclusion, gift-splitting, GRATS, net and net-net gifts, and gifting-up, as well as discuss planning for 2026 when the gift tax exemption may return to $5 million, adjusted for inflation.

Faculty

Beatrice Caplan
Partner
Kirkland & Ellis LLP

Ms. Caplan is a partner in the Trusts and Estates Practice Group of Kirkland & Ellis LLP. She advises clients on complex gift and estate planning matters, focusing on planning with private equity and hedge fund interests, pre-IPO planning for founders, business succession planning and structuring of family offices. Ms. Caplan has extensive experience in creating tailored solutions to meet the goals of her clients. She also has significant experience in modifying and decanting existing trusts, including to facilitate international tax planning.

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David A. Handler
Partner
Kirkland & Ellis LLP

Mr. Handler concentrates his practice on trust and estate planning and administration, representing owners of closely held businesses, family offices, principals of private equity and venture capital funds, individuals and families of significant wealth, and establishing and administering private foundations and other charitable organizations. Mr. Handler is a fellow of the American College of Trust and Estate Counsel, a member of the NAEPC Estate Planning Hall of Fame as an Accredited Estate Planner (Distinguished), and a member of the professional advisory committees of several nonprofit organizations.

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Description

For high net worth individuals, gifting is critical to an estate planning strategy. With the federal gift tax exemption at an all-time high of $13.61 million (2024), now is the time to leverage the heightened gift tax exemption.

Lifetime gifting removes future appreciation from an estate, provides creditor protection, and allows the taxpayer to transfer assets to desired beneficiaries. Estate planning advisers must weigh the trade-offs between gifting and achieving a basis step-up at death, including how to accomplish both. Significant tax savings may be achieved when these strategies are correctly implemented in the right situation.

Listen as our expert panel explains various gifting strategies, when to implement each, and the risks and rewards of each option.

Outline

  1. Tax reform overview
  2. “Anti-clawback” regulations
  3. Benefits and trade-offs of lifetime gifting
  4. Gift tax exclusions, deductions, and credits
  5. Gift splitting
  6. Net and net-net gifts
  7. Structuring GRATs to maximize benefits
  8. Gifting upstream / Granting powers of appointment to parents
  9. Planning with grantor trusts

Benefits

The panel will review these and other essential issues:

  • Recognizing clients who will benefit from gifting strategies
  • Proposed clawback regulations
  • Implementing GRAT strategies
  • Benefits of net and net-net gifting

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine which clients could benefit from GRATs
  • Establish whether gifts qualify for gift-splitting between donors
  • Ascertain that the appropriate generation-skipping tax regulations are met
  • Identify when the use of a QTIP marital trust is advantageous and what the benefits are

  • 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).