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The Role of Lifetime Gifts in Estate Planning

Gain an understanding of the effective estate planning concepts and techniques for lifetime gifts.

Effective estate planning involves more than just the preparation of will and trust that are designed to take advantage of the unified credit and marital deduction at a client's death. Instead, estate planning often relies heavily on lifetimes gifts made well before a client's death. Proper use of gifts can save taxes, make funds available immediately to satisfy the needs of family members and ensure that the client's dispositive wishes are followed. This topic will help you add to your estate planning practice by discussing many types of lifetime gifts and the different roles that they can plan in estate planning. It will explore basic concepts, review the credits, exclusions and deductions available under gift tax laws and discuss how to use them effectively. This material will also provide an overview of several important gift techniques, including the importance of complete gifts versus incomplete gifts, powers of appointment, and reverse estate planning. It will discuss 529 Plans, Crummey trusts, qualifies personal residence trusts, grantor trusts and family limited partnerships, and will highlight important traps for the unwary.

Runtime: 106 minutes
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Why Lorman?

Over 32 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

Overview of Basic Gift Concepts

  • What Constitutes a Gift?
  • Why Make Gifts?
  • Structure of Gift Tax
  • Unified Credit
  • Annual Exclusion
  • Additional Exclusions
  • Payment of Gift Tax: Tax Inclusive vs. Tax Exclusive
  • Valuation and Discounting

Income Tax Issues

  • Carry-Over Basis vs. Step-up in Basis
  • Income Taxation of Trusts

Overview of Specific Planning Techniques

  • Outright Gifts
  • 529 Plans
  • Basic Gifts in Trust
  • Advanced Gifts in Trust
  • Charitable Trusts and Private Foundations
  • Family Limited Partnerships - Basic Overview

Traps for the Unwary

  • Estate Tax Re-Inclusion Provisions
  • Filing Requirements
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Why Lorman?

Over 32 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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, 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 September 27, 2018.

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

  • AK CLE 1.75
     
  • Alaska attorneys may receive 1.75 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.
     
  • AL CLE 1.8
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.8 hours credit.
     
  • Arizona CLE 1.75
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.75 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.75
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.75 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.75
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.75 CLE credit hours.
     
  • IL CLE 1.75
     
  • This course was approved for a total of 1.75 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MT CLE 1.75
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.75 CLE credits.
     
  • NH MCLE 1.8
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 105 Minutes.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 2.0 credit hours in the area(s) of Areas of Professional Practice for 2.00 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • VT CLE 1.75
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.75 hours of self-study CLE credit.
     
  • WA CLE 1.75
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.75 hours of A/V credit under the Law & Legal Procedure category.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE 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.

Audio & Reference Manual

  • Arizona CLE 1.75
     
  • CA MCLE 1.75
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.75
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 2.0
     
  • VT CLE 1.75
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

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Why Lorman?

Over 32 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 V. Abelaj

Jennifer V. Abelaj

Davidoff Hutcher & Citron LLP

  • Senior counsel at Davidoff Hutcher & Citron LLP
  • Practice emphasizes all aspects of trusts and estates, not-for-profits, and taxation
  • Conducts regular seminars and workshops on trust administration, business succession planning, creation of not-for-profit and advanced estate planning techniques
  • Author of several publications and quoted for expertise in taxation in: The New York Times; Bloomberg; Tax Notes; Law360
  • Membership of the New York State Bar Association; New York Women’s Bar Association
  • J.D. degree, St. John’s University School of Law; B.S. degree, Fordham University, Gabelli School of Business; Certified Public Accountant, New York State
  • Can be contacted at [email protected], 646-428-3276, on Twitter® @JVATaxnLaw or at www.linkedin.com/in/jenniferabelaj
Anta Cissé-Green

Anta Cissé-Green

NYU Langone Health

  • Associate general counsel of development at NYU Langone Medical Center
  • Seasoned tax professional who advises clients on the tax efficient use of complex vehicles to transfer wealth to family members using various estate, gift generation skipping and charitable vehicles
  • Member of the New York State Bar Association, the New York City Bar Association and the current trusts and estates editor for the eReport, the online publication of the American Bar Association, Real Property Trusts and Estates Section
  • Certified as a trusts and estates practitioner with the Society of Trusts and Estates Practitioners
  • Superlawyers New York Metro Rising Star 2013-2014, Estate Planning & Probate, named to the National Black Lawyers Top 100 Attorneys and a member of the Executive Committee for The National Advocates
  • L.L.M. degree, taxation, New York University School of Law; J.D. degree, magna cum laude, Brooklyn Law School
  • Can be contacted at 646-754-7385, [email protected] or on Twitter @ACisseGreen
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Why Lorman?

Over 32 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: 401406
Published 2018
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