DESCRIPTION
This module reviews the major tax rules for estate, gift, and generation-skipping transfer taxes. It provides information on estate settlement issues. It discusses the various types of trusts and fiduciary income taxes. Finally, it discusses the various tax elections that help in estate and fiduciary income tax planning. The module contains three comprehensive case studies and exercises on estate issues, gifting strategies, and tax planning.
LEARNING OBJECTIVES
- Review the federal estate tax, its history, and the components of the estate tax calculation.
- Review the gift tax and generation-skipping transfer tax rules.
- Examine the various types of trusts and their purpose.
- Discuss a decedent’s final tax return and fiduciary income taxation.
- Identify tax planning opportunities for estates, gifts, and a decedent’s final tax return.
