Trust & Estate Mastery Series: Understanding Generation Skipping Transfer Tax (2 hours - afternoon) - NEW! - Webcast

Overview

Many trusts have been making distributions to the children of the grantors for 30-40 years. As these children pass on and assets are distributed to grandchildren, the generation skipping transfer tax comes into play. In this session you will gain a basic understanding of how this third transfer tax system works, when it applies, and what information you need in your files to correctly compute and report the tax, even if no tax is due.

This event is part of the Trust & Estate Mastery Series Bundle. There are 10 courses included in the bundle designed to equip CPAs, tax preparers, and fiduciary professionals with a complete understanding of trust taxation—from the basics to advanced concepts.

Each course is a stand-alone topic. If you miss one in the series, no worries! Purchase individual courses or purchase the Trust & Estate Mastery Series Bundle and save up to $150!

Highlights

• Overview of the Generation-Skipping Transfer (GST) tax system
• Purpose and policy behind the "third" transfer tax
• Relationship between gift tax, estate tax, and GST tax
• Identifying skip persons and non-skip persons
• Direct skips, taxable distributions, and taxable terminations
• When GST tax applies in long-term trusts
• GST exemption and allocation mechanics
• Automatic vs. manual allocation of GST exemption
• Inclusion ratio and applicable rate calculations
• GST tax reporting requirements (Forms 709 and 706, Schedule R)
• Information and documentation needed for compliance
• Practical file documentation for multi-generational trusts
• Common pitfalls when prior allocations are unclear
• Planning considerations to minimize or avoid GST tax

Prerequisites

Basic understanding of individual taxation

Designed For

CPAs, tax preparers, and fiduciary professionals who want to understand trust taxation-from the basics of trust structure and document intrepretation to advanced concepts.