The Generation-Skipping Transfer Tax and Dynasty Trust 2024
Overview
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
Prerequisites
An understanding of estate and gift tax principles
Designed For
CPAs, attorneys, bankers, financial professionals, insurance professionals, enrolled agents and professional staff.
Objectives
After attending this presentation you will be able to . . .
• 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
Preparation
None
Leader(s):
Leader Bios
James Gardner, CalCPA Education Foundation
Randy Gardner, J.D., LLM, MBA, CPA, CFP®, is a Professor of Tax and Financial Planning and Director of the Financial Planning Program at the University of Missouri, Kansas City. He is coauthor of the books, The Closing Wealth Transfer Window, 101 Tax Saving Ideas, and Tools and Techniques of Income Tax Planning. In 1997, the Missouri Society of CPAs recognized him as Educator of the Year. Professor Gardner has worked with hundreds of clients as a CPA and estate-planning attorney in Kansas and California. He serves on the Editorial Board of The Journal of Financial Planning and is a former member of the Council on Examinations of the Certified Financial Planner Board of Standards. He is a member of the AICPA and the Missouri Society of CPAs. He has written over 100 articles for publications such as The Journal of Financial Planning, Taxation for Accountants, Practical Tax Strategies and Tax Adviser.
Non-Member Price $0.00
Member Price $368.00