Description

Transfer taxes, such as the estate and gift tax, create a drag on the accumulation of wealth over a family's generations. The government promulgated the generation-skipping transfer (GST) tax to discourage avoidance of the estate and gift tax by families. Randy Gardner explores: GST tax terminology, how the GST tax is calculated, ways to avoid the GST tax, and how to design a dynasty trust to pass property from generation to generation. 

Target Audience

CPAs, attorneys, bankers, financial professionals, insurance professionals, enrolled agents and professional staff.

Course Objectives

• Determine how the GST tax is calculated and how it relates to the estate and gift tax
• Recognize language in estate planning documents that warrants allocation of the GST tax exemption and making the Reverse QTIP election
• Identify opportunities to establish Dynasty Trusts to possibly avoid transfer taxes for generations to come

Subjects

• Calculation of the GST tax, and how it relates to the estate tax and gift tax
• Direct skips, taxable distributions, and taxable terminations
• GST tax allocations, Reverse QTIP election, and Exempt and Nonexempt Trusts
• Calculating the benefit of and designing Dynasty Trusts

Prerequisites

An understanding of estate and gift tax principles