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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

    Thursday, November 21, 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 trusts and estates attorneys and advisers with critical planning considerations in light of the sunset of estate and gift tax exemptions under the Tax Cuts and Jobs Act of 2017 (TCJA). The panel will discuss the impact of the TCJA, planning for gift and estate tax exemption changes, estate planning strategies to consider, and other key issues.

Faculty

Kirsten Wolff
Partner
Sideman & Bancroft LLP

Ms. Wolff represents individual clients in the areas of estate planning, estate and trust administration, estate and gift taxation, charitable gift planning, and probate. She previously practiced in the area of state and local taxation and frequently draws from that experience in her current work with clients, particularly with respect to property and income tax issues, in planning for the tax-efficient transfer of wealth. Ms. Wolff has administered trusts with complex assets in multiple international jurisdictions.

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Jennifer M. Lota
Partner
Cole Schotz P.C.

Ms. Lota is a member in the firm’s Tax, Trusts & Estates Department and focuses her practice in the areas of tax and estate planning. Before joining Cole Schotz, she practiced at a boutique estate planning law firm, where she utilized sophisticated estate planning techniques to assist clients in preserving assets for future generations while minimizing taxes. Most recently, Ms. Lota was named as a “Rising Star” by New Jersey Super Lawyers in 2018, 2020, 2023 & 2024. 

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Description

Under current tax law, in 2024, individuals can leave their heirs and other non-spousal beneficiaries up to $13.61 million at death, minus any prior gifts made during life, without federal estate tax liability. However, the current federal estate and gift tax exemption is scheduled to expire on Dec. 31, 2025, unless it's extended through new legislation. Counsel must carefully consider planning strategies and estate plan modifications in light of the potential sunset of the current gift and estate tax exemptions.

Trusts and estates counsel must revisit clients' estate plans to ensure the implementation of strategies to achieve their goals. Clients can accomplish this by a variety of methods, such as giving annually, making substantial, one-time gifts to utilize the current estate/gift tax exemption prior to 2026, using the unlimited marital deduction, charitable bequests, and other options. The goal is to reduce the value of the estate to minimize or avoid estate taxes. Generally, lifetime gifts are more tax efficient than transfers at death.

Many estate planning strategies for high net worth clients seek further tax savings by reducing the amount of the gift for tax purposes. The use of "net, net gift," GRATs, IDGTs, or other tools may produce substantial estate tax savings.

Listen as our panel discusses key considerations if the current federal lifetime gift tax exemptions expire, estate planning strategies to consider, and other key issues.

Outline

  1. Estate tax considerations for planners
  2. Impact of a potential sunset of estate tax exemptions
    1. Planning for those without available exemptions
    2. Gift vs. estate tax effective rates
    3. Net, net gifts
    4. GRATs and IDGTs
  3. State law considerations
  4. Planning tips and best practices for trusts and estates counsel

Benefits

The panel will review these and other key issues:

  • What are the key planning considerations in light of a potential sunset of current estate tax exemptions?
  • What gifting strategies are available to limit or minimize gift and estate taxes?
  • How can net, net gifts be used as a planning tool?
  • What are the challenges of using GRATs and IDGTs?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Ascertain key planning considerations in light of a potential sunset of current estate tax exemptions
  • Understand what gifting strategies are available to limit or minimize gift and estate taxes
  • Recognize how can net, net gifts be used as a planning tool
  • Identify key tax challenges of using GRATs and IDGTs

  • 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 individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

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).