The Generation-Skipping Transfer Tax and Dynasty Trusts 2024

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  • Date/Time
    • Jan 13, 2025
    • Sign In: 8:30am (MT)
    • Program: 9:00am - 12:30pm (MT)
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  • Location
    • Your Computer
      Your Space
      ISCPA / CalCPE Webinar, ID 00000
  • Credits
    • 4.00
  • Credit Type(s)
    • Taxes (Technical) (4.00)
  • Prerequisites
    • An understanding of estate and gift tax principles

  • Vendor
    • California CPA Education Foundation
  • Level
    • Overview
  • Fields of Study
    • Taxes

Description

Transfer taxes, such as the estate and gift tax, create a drag on the accumulation of wealth over a family's generations. The government promulgated the generation-skipping transfer (GST) tax to discourage avoidance of the estate and gift tax by families. Randy Gardner explores: GST tax terminology, how the GST tax is calculated, ways to avoid the GST tax, and how to design a dynasty trust to pass property from generation to generation.

  • Presenters - James Randall Gardner
  • Designed For

    Designed For: CPAs, attorneys, bankers, financial professionals, insurance professionals, enrolled agents and professional staff.
  • Role Level - Entry-level/Individual contributor; Manager/Senior Manager; Director; Sole Practitioner
  • Objectives

    • Determine how the GST tax is calculated and how it relates to the estate and gift tax
    • Recognize language in estate planning documents that warrants allocation of the GST tax exemption and making the Reverse QTIP election
    • Identify opportunities to establish Dynasty Trusts to possibly avoid transfer taxes for generations to come

    Highlights

    • Calculation of the GST tax, and how it relates to the estate tax and gift tax
    • Direct skips, taxable distributions, and taxable terminations
    • GST tax allocations, Reverse QTIP election, and Exempt and Nonexempt Trusts
    • Calculating the benefit of and designing Dynasty Trusts

    Advanced Prep

    None

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    Leaders

    CALCPE Panel

    No Biography Available

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