DESCRIPTION
This module provides an overview of U.S. federal estate, gift, and generation-skipping transfer (GST) taxes, focusing on how these systems apply to wealth transfers and key factors that influence tax outcomes. Participants explore when taxable gifts and GST implications arise, along with the role of various trust structures in estate planning. The course also introduces income tax considerations for a decedent and basic fiduciary income tax concepts for estates and trusts. Through case studies, discussions, and tax planning exercises, participants identify planning considerations related to lifetime transfers, estate administration, and post-death tax matters.
LEARNING OBJECTIVES
- Describe the general structure of the federal estate tax and the components of the estate tax calculation.
- Identify the fundamental rules governing gift and generation-skipping transfer (GST) taxes and distinguish when each tax applies.
- Differentiate between common trust structures and evaluate their purposes.
- Describe the income tax considerations related to a decedent and recognize basic fiduciary income tax concepts for estates and trusts.
- Identify potential tax planning considerations related to lifetime gifts, estate transfers, and a decedent’s final tax return.
