This session addresses gift, estate, and generation skipping transfer
taxes at both the state and federal levels. Charitable planning is also
explored, with a review of various vehicles and trusts which have been
created: lead trusts, remainder trusts, pooled income funds, private
foundations and charitable gift annuities. Non-tax aspects of estate
planning, including the estate planning process, wills, trusts, durable
powers of attorney, powers of appointment, and probate procedure are
also studied.
Learning Objectives
Describe the unification of the estate tax and gift tax systems
Identify the applicable credit for estate tax, and gift tax purposes
Explain the requirements for use of the annual exclusion for gift tax purposes
Describe the purpose of the Crummey Power and how it can qualify a gift for the gift tax annual exclusion
Explain the purpose and use of the annual gift tax exclusion
Distinguish between present and future interest gifts, with specific reference to gift, estate, and generation skipping transfer tax consequences
Identify the purposes, uses, and planning implications of Section 2503(b) & (c) trusts, and how the annual exclusion is applied to these structures
Compare the income tax rules of cash gifts and tangible personal property
Evaluate the financial planning uses of charitable gifts of remainder interests in personal residences and farms, and conservation easements
Explain the uses of life insurance in charitable giving and in replacing wealth for family members
Major Topics
Gift, estate, and generation skipping transfer taxes
Charitable planning
Estate planning process
Provider
AICPA
Course Level
Intermediate
Professional Area of Focus
Tax
CPE Field of Study
Taxes
3
Who Should Attend
Financial planners preparing for the PFS exam or who need a refresher on PFP skills
