Generation Skipping Transfer Tax: Practical Estate Planning Techniques
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Understand the benefits and implications of the generation-skipping transfer tax so you can effectively advise your clients.
Many clients and tax practitioners fail to fully comprehend the generation-skipping transfer tax implications in their estate and family wealth transfer planning. However, the generation-skipping transfer tax is always present and in many ways may be an unintended tax imposed on the taxpayer. This topic will allow estate planning and tax advisors to spot the generation-skipping transfer tax issues, to understand the taxable events that will trigger a generation-skipping transfer tax, and introduce techniques used to avoid or mitigate the generation-skipping transfer tax. This important topic will also provide the advisors the tools and information necessary to navigate through the various generation-skipping transfer tax laws and avoid the unintended tax implications for their clients. For many clients the goal will be to avoid the generation-skipping tax altogether and this knowledge will help you advise your clients accordingly.
Speaker: Jennifer A. Pratt
Course Content:
| Fundamental Concepts Relating to Generation-Skipping Transfer Tax |
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- Definitions
- Taxable Events
- Exemptions/Exclusions
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Generation-Skipping Transfer Tax – Two Kinds of Tax |
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- Tax Exclusive vs. Tax Inclusive
- Gift Tax vs. Estate Tax Model
- Comparative Costs
- Effective Maximum Tax Rate
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Recent Developments |
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- Predeceased Parent Exception
- Generation-Skipping Transfer Tax Changes
- Estate Tax Inclusion Period (ETIP)
- No Portability of Generation-Skipping Transfer Tax Exemption
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Estate Planning Techniques |
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- Standard Testamentary Use of GST Exemption
- Guaranteeing Use of Less Wealthy Spouse's GST Exemption
- Inter-Vivos Dynasty Trust/Perpetual Trust
- Section 2642(c) Trust
- Leverage of the GST Exemption
- Planning for Clients With Less Than $5 Million in Assets
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