Understanding the Federal Gift Tax: How Does it Work & How to Address it in Tax Planning (Currently Unavailable)

Author: Steven G. Siegel

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 two-hour CPE course 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 2019 and beyond. 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.

Publication Date: October 2019

Designed For
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
• Exclusions from the Gift Tax
• Gift-splitting by spouses
• Available gift tax deductions
• Valuation of Gifts
• Avoiding gift treatment by using disclaimers
• Statutes of limitations and the adequate disclosure rules

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
• Recognize correct statements regarding exclusions and valuations from the gift tax
• Differentiate Code Sections subject to the gift tax
• Identify the maximum gift tax rate for 2019
• Identify the lifetime gift tax exemption for 2019 as amended by the TCJA
• Differentiate types of trusts

Level
Overview

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None