Reporting Generation Skipping Transfers on Form 709
Date: Thursday, July 30, 2026
Instructor: Klaralee R. Charlton
| Begin Time: |
9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Generation-skipping transfer (GST) tax creates significant complexity when lifetime gifts are made to skip persons or structured through trusts for younger generations. Improper reporting or misallocation of the GST exemption on Form 709 can permanently impair tax benefits and expose clients to unnecessary future transfer taxes. This practical course equips tax and estate professionals with a clear framework for identifying GST events, complying with reporting requirements, and making informed exemption allocation decisions during life.
Participants will evaluate when GST tax applies in addition to gift tax, how and when to complete Schedule D of Form 709, and when it may be appropriate to elect out of the automatic allocation rules. The course explores direct and indirect skips, late GST exemption allocations, and corrective planning strategies for existing trusts. Emphasis is placed on avoiding common practitioner mistakes and implementing planning techniques that preserve flexibility while minimizing long-term GST exposure.
Who Should Attend
This course is designed for professionals who advise clients on lifetime gifting strategies and multigenerational wealth transfers.
Topics Covered
- Overview of gift, estate, and generation-skipping transfer tax interaction
- Identifying GST events and skip persons in lifetime transfers
- Reporting direct and indirect skips on Form 709
- Automatic allocation rules and elections out
- Late and retroactive GST exemption allocations
- Planning techniques to minimize long-term GST tax exposure
- Common reporting errors and IRS focus areas
Learning Objectives
- Identify lifetime transfers that trigger generation-skipping transfer tax in addition to gift tax
- Determine when Form 709, Schedule D must be filed to allocate or elect out of GST exemption allocation
- Differentiate between direct and indirect skips for GST reporting purposes
- Apply GST exemption allocation strategies to shelter lifetime transfers
- Identify corrective techniques for improperly allocated GST exemptions affecting existing trusts
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
A general understanding of estate tax will be helpful before taking this course.
Advance Preparation
None
