Mastering GST Elections and Reporting: Minimizing Generation-Skipping Transfer Tax Through Indirect Skips

Opting Out of Automatic Allocation of GST Exemptions, Structuring GST-Exempt Trusts and Reporting Skip Transactions

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


Conducted on Tuesday, February 7, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide tax advisers with a comprehensive and practical guide to generation skipping transfer (GST) election strategies and the tax reporting mechanics of calculating GST taxes. The panel will offer specific guidance on reporting GSTs under various transfer scenarios. The panel will outline the available elections and exemption provisions to minimize GST impact and avoid costly penalties.

Description

A significant and often complex challenge for estate advisers and compliance professionals is navigating the GST tax rules. Quite often a taxpayer will transfer property to a “skip person” inadvertently and the tax adviser discovers the transfer at the time a tax return is due, or in many cases, does not discover the transfer until after the due date by which GST reporting was required. There are, however, several elections that taxpayers may make to take some of the bite out of GST tax.

In addition to identifying transfers to a skip person or to a trust for the benefit of a skip person, tax advisers need to know how much of the taxpayer’s GST exemption has been previously used and calculate exemption allocations for GST purposes on Form 709. Advisers must also understand when to opt out of the automatic allocation rules and when to contemplate making a reverse QTIP election. In addition, understanding the process for obtaining Section 9100 relief to allocate GST exemptions can provide crucial benefits to taxpayers caught up in the GST regime.

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 tax impact of GST tax.

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Outline

  1. Calculating GST exemption
  2. Structuring GST trusts
  3. Allocating GST exemptions to trusts
    1. Opting out of automatic allocation to direct skip persons
    2. Allocating exemption to indirect skip persons
    3. Tax reporting of indirect skips
  4. Case study and illustrations of trust language

Benefits

The panel will discuss these and other important topics:

  • Elections and strategies to minimize or avoid GST tax
  • Strategies for allocating GST exemption
  • Calculating inclusion ratios on GST transfers into trusts
  • How and when to opt out of automatic allocations to direct skip persons

Faculty

Parker F. Taylor
Parker F. Taylor

Shareholder
Greenberg Traurig

Mr. Taylor focuses his practice primarily on tax law, wealth management, and trusts and estates. He regularly counsels...  |  Read More

Zeydel, Diana
Diana S.C. Zeydel

Shareholder
Greenberg Traurig

Ms. Zeydel is the National Chair of the firm’s Trusts and Estates practice, and she focuses on estate, trust and...  |  Read More

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