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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.


Runtime: 88 minutes
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Why Lorman?

Over 30 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 30 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 Webinar

No credit available.

Audio & Reference Manual

  • CAC 0.5
     
  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York or New Jersey or Kansas. Other states do not need to supply the CLE Code to apply for CLE credit.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York or New Jersey or Kansas. Other states do not need to supply the CLE Code to apply for CLE credit.
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Why Lorman?

Over 30 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

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 30 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.

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Product ID: 397590
Published 2016, 2017
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