CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Understanding the Federal Gift Tax

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Taxes

Course Description

The federal gift tax often comes as a surprise to clients who want to transfer wealth to family members. There is often confusion about how gifting works, what forms need to be filed, and how it can affect estate planning. This program offers a clear, concise and practical review of what the gift tax is and how it works. Now that portability rules have been made permanent, there are significant opportunities for planning using gifting on the part of a surviving spouse. In addition, the lifetime exclusion and the generation skipping transfer (GST) tax exclusions have been enhanced significantly.

Topics Covered

  • Transfers subject to the gift tax
  • Transfers that are not subject to the gift tax
  • Significantly enhanced lifetime exclusions from the gift tax
  • Generation-skipping transfer tax exclusions and recent enhancements
  • Gift-splitting by spouses
  • Available gift tax deductions
  • Valuation of gifts
  • Avoiding gift treatment by using disclaimers
  • Portability and the gift tax
  • “Defined value gifts” as a planning tool
  • Statutes of limitations and the adequate disclosure rules
  • Impact of 2017 Tax Cuts and Jobs Act

Learning Objectives

Upon completing this course you will be able to:

  • Describe what the federal gift tax is and how it works
  • Identify transfers that are subject to the gift tax and which are not
  • Explain key compliance and reporting requirements for the gift tax
  • Identify planning opportunities with the gift tax

Course Specifics

Course ID
WC18206988
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01595-20-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1491
CTEC Federal Tax Law Credits: 2

Course Instructor

Steven G. Siegel Headshot
Steven G. Siegel, JD, LLM

Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States. Steven is the author of many books, including: The Grantor Trust Answer Book (2018 CCH); The Adviser’s Guide to Financial and Estate Planning(AICPA 2019); Federal Fiduciary Income Taxation (Foxmoor 2019); and Federal Estate and Gift Tax (Foxmoor 2016). He is also a co-author with Richard Oshins, Esq. of The Anatomy of the Perfect Modern Trust, Estate Planning Magazine January and February 2016. In conjunction with numerous tax-planning lectures he has delivered …

Steven G. Siegel, JD, LLM Read More »

Understanding the Federal Gift Tax

Expert Instructors
CPE CREDITS
2 Credits: Taxes

$98.00

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Taxes

Course Description

The federal gift tax often comes as a surprise to clients who want to transfer wealth to family members. There is often confusion about how gifting works, what forms need to be filed, and how it can affect estate planning. This program offers a clear, concise and practical review of what the gift tax is and how it works. Now that portability rules have been made permanent, there are significant opportunities for planning using gifting on the part of a surviving spouse. In addition, the lifetime exclusion and the generation skipping transfer (GST) tax exclusions have been enhanced significantly.

Topics Covered

  • Transfers subject to the gift tax
  • Transfers that are not subject to the gift tax
  • Significantly enhanced lifetime exclusions from the gift tax
  • Generation-skipping transfer tax exclusions and recent enhancements
  • Gift-splitting by spouses
  • Available gift tax deductions
  • Valuation of gifts
  • Avoiding gift treatment by using disclaimers
  • Portability and the gift tax
  • “Defined value gifts” as a planning tool
  • Statutes of limitations and the adequate disclosure rules
  • Impact of 2017 Tax Cuts and Jobs Act

Learning Objectives

Upon completing this course you will be able to:

  • Describe what the federal gift tax is and how it works
  • Identify transfers that are subject to the gift tax and which are not
  • Explain key compliance and reporting requirements for the gift tax
  • Identify planning opportunities with the gift tax

Course Specifics

Course ID
WC18206988
Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-01595-20-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1491
CTEC Federal Tax Law Credits: 2

Course Instructor

Steven G. Siegel Headshot
Steven G. Siegel, JD, LLM

Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States. Steven is the author of many books, including: The Grantor Trust Answer Book (2018 CCH); The Adviser’s Guide to Financial and Estate Planning(AICPA 2019); Federal Fiduciary Income Taxation (Foxmoor 2019); and Federal Estate and Gift Tax (Foxmoor 2016). He is also a co-author with Richard Oshins, Esq. of The Anatomy of the Perfect Modern Trust, Estate Planning Magazine January and February 2016. In conjunction with numerous tax-planning lectures he has delivered …

Steven G. Siegel, JD, LLM Read More »

Understanding the Federal Gift Tax

Expert Instructors
CPE CREDITS
2 Credits: Taxes

$98.00