Description

This advanced course is designed to complement the 4-part 706 Preparation Series and will discuss various aspects of the Generation-Skipping Transfer Tax.

Target Audience

CPAs and attorneys who work extensively with Estate plans and the Generation-Skipping Transfer Tax.

Course Objectives

• Determine the application of the GST rule and when the tax is triggered. • Recognize transfers that trigger GST and when to automatically allocate GST (or elect out) in gifting. • Identify common pitfalls.

Subjects

• Taxable terminations • Mismatch between available exemption and GST, and utilizing excess GST • GST elections on Form 709 and automatic allocations

Prerequisites

Completion of the Form 706 Preparation 4-part series is encouraged.

Advanced Preparation

Working knowledge of Forms 706 and 709.