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Generation Skipping Transfer Tax: Practical Estate Planning Techniques

Understand the benefits and implications of the generation-skipping transfer tax so you can effectively advise your clients.

Many clients and tax practitioners fail to fully comprehend the generation-skipping transfer tax implications in their estate and family wealth transfer planning. However, the generation-skipping transfer tax is always present and in many ways may be an unintended tax imposed on the taxpayer. This topic will allow estate planning and tax advisors to spot the generation-skipping transfer tax issues, to understand the taxable events that will trigger a generation-skipping transfer tax, and introduce techniques used to avoid or mitigate the generation-skipping transfer tax. This important topic will also provide the advisors the tools and information necessary to navigate through the various generation-skipping transfer tax laws and avoid the unintended tax implications for their clients. For many clients the goal will be to avoid the generation-skipping tax altogether and this knowledge will help you advise your clients accordingly.

91 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Fundamental Concepts Relating to Generation-Skipping Transfer Tax

  • Definitions
  • Taxable Events
  • Exemptions/Exclusions

Generation-Skipping Transfer Tax - Two Kinds of Tax

  • Tax Exclusive vs. Tax Inclusive
  • Gift Tax vs. Estate Tax Model
  • Comparative Costs
  • Effective Maximum Tax Rate

Recent Developments

  • Predeceased Parent Exception
  • Generation-Skipping Transfer Tax Changes
  • Estate Tax Inclusion Period (ETIP)
  • No Portability of Generation-Skipping Transfer Tax Exemption

Estate Planning Techniques

  • Standard Testamentary Use of GST Exemption
  • Guaranteeing Use of Less Wealthy Spouse's GST Exemption
  • Inter-Vivos Dynasty Trust/Perpetual Trust
  • Section 2642(c) Trust
  • Leverage of the GST Exemption
  • Planning for Clients With Less Than $5 Million in Assets
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on October 28, 2019.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jennifer A. Pratt

Jennifer A. Pratt

Venable LLP

  • Partner in the Baltimore, MD office of Venable LLP
  • Assists clients with estate planning, charitable giving, and business continuity planning while minimizing estate, gift and generation-skipping transfer tax exposure
  • Experienced in the administration of decedent’s estates and the preparation of wills, trusts, both revocable and irrevocable, durable powers of attorney, advance directives and the incorporation and application for exemption for private foundations
  • Assists clients and business owners with business succession planning and documents related to business tax planning
  • Also experienced in drafting pre-marital agreements and post-marital agreements
  • Can be contacted at 410-528-2883 or [email protected]
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Why Lorman?

Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
  • Live Webinars
  • MP3 Downloads
  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406426
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