The Generation-Skipping Transfer Tax and Dynasty Trusts 2024

Course Details

Date

Monday, January 13, 2025

9:00am – 12:30pm (Registration: 8:30am)

Location

Online

Field of Study

Taxation

CPE Credit

4 hours CPE credit

Level of Knowledge

Overview

Vendor

CalCPA

Prerequisites

An understanding of estate and gift tax principles

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.

Highlights

• 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

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

Designed For

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

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