Generation-Skipping Transfer Tax: Fundamentals and Planning Opportunities
Identifying Skip Persons, Direct vs. Indirect Skips, Exemption Allocations, and More
Recording of a 110-minute CPE webinar with Q&A
In this course, our panel of estate experts will describe the fundamentals of the complex federal generation-skipping transfer (GST) tax in simple and clear terms. They will also talk about GST planning opportunities, particularly those that should be implemented prior to the reduction in the GST tax exemption.
Outline
- Overview of how GST tax fits into the wealth transfer tax regime
- Defining the rules governing when a GST takes place
- Identifying skip persons
- Direct skip transactions
- Indirect skip transactions
- GST exemption and allocation rules
- Intro to Form 709
- Illustration of a basic skip transaction and how to report
Benefits
The panel will discuss these and other important issues:
- Identifying "skip persons" and gifts that qualify as GSTs
- Keeping track of exemption amounts accumulated over multiple years
- Direct skips vs. indirect skips
- Guide to Form 709 for gifts that must be reported but do not incur GST tax
- Calculating GST tax on taxable gifts
Faculty
Michael T. Clear
Partner, Chair Private Client Services Department
Wiggin and Dana
Mr. Clear regularly counsels clients on the far-reaching financial implications of estate planning, estate and trust... | Read More
Mr. Clear regularly counsels clients on the far-reaching financial implications of estate planning, estate and trust administration, probate litigation, and business succession planning. His estate planning practice includes assisting individuals and families in tax-efficient and practical estate and gift planning, including the preparation of wills, revocable living trusts, insurance trusts, and entities to own special family assets such as vacation homes and collections. Mr. Clear’s estate and trust administration practice often dovetails with his probate litigation experience, where he advises clients in will and trust construction cases, contested accountings, fiduciary removal proceedings, payment of unpaid claims, and conservatorship and guardianship matters. Mr. Clear also assists business owners with succession planning by presenting to family groups on business/estate planning matters and by preparing business entities, shareholders’ agreements, buy-sell agreements, and grantor-retained annuity trusts. He often facilitates the sale or purchase of business assets.
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Daniel L. Daniels
Partner
Wiggin and Dana
Mr. Daniels focuses his practice representing business owners, private equity and hedge fund founders, family... | Read More
Mr. Daniels focuses his practice representing business owners, private equity and hedge fund founders, family offices, corporate executives and other wealthy individuals and their families. He is a co-author of Trusts and Estates Legal Strategies (2008 Aspatore Books) and has written for various publications, including Trusts and Estates magazine, Estate Planning magazine, Practical Tax Strategies magazine, the National Law Journal and Exempt Organization Review. He also has been quoted on trust and tax-related subjects in the Wall Street Journal, Kiplinger's Personal Finance and Financial Planning.
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