Understanding the Federal Gift Tax (Completed)

Date: Wednesday, May 5, 2021
Instructor: Steven G. Siegel
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
2 hours Estate Planning for CFP

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. If the current exclusions are reduced, will previous gifts be clawed back?

This two-hour CPE webinar provides a helpful review of the often-misunderstood federal gift tax and the issues raised and new opportunities after recent tax law changes. Presented by noted estate planner, author and educator, Steve Siegel, J.D., LL.M., this program offers a clear, concise and practical review of what the gift tax is and how it works. Mr. Siegel will give you helpful ideas on compliance and planning with the gift tax in 2021 and beyond. The portability rules provide 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 were enhanced significantly in 2017, but reduction is threatened by political change. What planning should be done?

Who Should Attend
This course is essential for CPAs, CFPs, enrolled agents, tax preparers, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.

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
  • Concerns about claw back if exclusions are reduced
  • 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

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


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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