Understanding the Federal Gift Tax FLEXCAST
Available Until
Your Desk
2.0 Credits
Member Price $98.00
Non-Member Price $113.00
Overview
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 program offers a clear, concise and practical review of what the federal gift tax is and how it works. 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.
Highlights
Transfers subject to the gift tax. Transfers that are not subject to the gift tax. Significantly enhanced lifetime exclusions from the gift tax. 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.
Prerequisites
None.
Designed For
CPAs, financial professionals, enrolled agents and attorneys.
Objectives
Describe what the federal gift tax is and how it works. Identify transfers that are subject to the gift tax and which are not. Explain key compliance and reporting requirements for the gift tax. Identify planning opportunities with the gift tax.
Preparation
None.
Notice
This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.
Leader(s):
Leader Bios
Steven Siegel, Western CPE
Steven G. Siegel, JD, LLM, is president of The Siegel Group, which provides consulting services to attorneys, accountants, business owners, family offices, and financial planners. Based in Morristown, New Jersey, the Group provides services throughout the United States.
Steven is the author of many books, including: The Grantor Trust Answer Book (2018 CCH); The Adviser’s Guide to Financial and Estate Planning(AICPA 2019); Federal Fiduciary Income Taxation (Foxmoor 2019); and Federal Estate and Gift Tax (Foxmoor 2016). He is also a co-author with Richard Oshins, Esq. of The Anatomy of the Perfect Modern Trust, Estate Planning Magazine January and February 2016.
In conjunction with numerous tax-planning lectures he has delivered for the National Law Foundation, Steven has prepared extensive lecture materials on the following subjects: planning for an aging population, business entities, preparing the audit-proof federal estate tax return, business acquisitions, representing buyers and sellers in sale of a business, dynasty trusts, planning with intentionally defective grantor trusts, estate planning, S corporations, divorce, and many others.
Steven has delivered hundreds of lectures to thousands of attendees in live venues and via webinars throughout the United States on tax, business, and estate planning topics on behalf of numerous organizations, including Western CPE, the Heckerling Institute on Estate Planning, Notre Dame Tax and Estate Planning Institute, CCH, National Law Foundation, AICPA, Yale School of Management, University of Chicago Business School, the National Society of Accountants, Cohn-Reznick, Foxmoor Education, many state CPA societies and estate planning councils, and on behalf of private companies.
He’s presently serving as an adjunct professor of law in the graduate tax program (LLM) of the University of Alabama School of Law, and he has served as an adjunct professor of law at Seton Hall University and Rutgers University law schools.
Steven holds a bachelor’s degree from Georgetown University (magna cum laude, Phi Beta Kappa); a juris doctor from Harvard Law School; and an LLM in taxation from New York University Law School.
Non-Member Price $113.00
Member Price $98.00