GST and Form 709: Fundamentals of Generation-Skipping Transfer Tax Reporting

Identifying Skip Persons, Direct vs. Indirect Skips, Exemption Allocations and More

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, August 24, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide tax advisers and compliance professionals with a practical introduction to the fundamentals of generation-skipping transfer (GST) tax rules. The panel will offer useful guidance in identifying potential GST tax issues, and attendees will gain a solid grounding in the basics of the GST tax reporting regime.

Description

A significant challenge for estate advisers and compliance professionals is navigating the GST tax, which has the reputation as being among the most complex tax rules. However, the basic mechanics of the GST tax regime can be reduced to identifying situations in which inter-generational transfers are designed to circumvent estate or gift tax liability.

Tax advisers serving high net worth individuals, as well as fiduciary compliance professionals, need to understand the fundamentals of the GST tax to avoid unnecessary tax cost.

A GST occurs when a person gifts or bequeaths property to a person who is two or more generations younger (37.5 years) than the person transferring the property. The recipient of a GST is termed a “skip person.” The GST tax is designed to prevent taxpayers from avoiding estate or gift taxes by imposing a flat tax on any gifts to skip persons in excess of the GST estate tax exemption amount.

There are two types of GSTs, direct skips and indirect skips. Tax advisers must be able to identify both types of transfers subject to the tax to calculate exemption amounts and properly report GSTs on Form 709.

Listen as our experienced panel provides practical guidance on allocating GST exemptions and on the elections available to tax advisers and compliance professionals to minimize the impact of GST tax.

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Outline

  1. Overview of how GST tax fits into the wealth transfer tax regime
  2. Defining the rules governing when a GST takes place
    1. Identifying skip persons
    2. Direct skip transactions
    3. Indirect skip transactions
  3. GST exemption and allocation rules
  4. Intro to Form 709
  5. Illustration of a basic skip transaction and how to report

Benefits

The panel will discuss these and other important issues:

  • Identifying “skip persons” and gifts that qualify as GSTs
  • Keeping track of exemption amounts accumulated over multiple years
  • Direct skips vs. indirect skips
  • Guide to Form 709 for gifts that must be reported but do not incur GST tax
  • Calculating GST tax on taxable gifts

Faculty

Daniel L. Daniels
Daniel L. Daniels

Partner
Wiggin and Dana

Mr. Daniels focuses his practice representing business owners, private equity and hedge fund founders, family...  |  Read More

Tracy J. Roberts
Tracy J. Roberts

Partner
Powell Roberts

Ms. Roberts focuses her practice on estate planning. She has over 19 years of experience in estate planning, trust...  |  Read More

Tippett , Scott
Scott K. Tippett

Atty
The Tippett Law Firm

Mr. Tippett's practice focuses on wealth law, as a comprehensive and integrated approach to domestic and...  |  Read More

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