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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

Note: CLE credit is not offered on this program

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

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Conducted on Wednesday, September 20, 2023

Recorded event now available

or call 1-800-926-7926

This course 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 also 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. Then, the tax adviser discovers the transfer when 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 available to taxpayers that may mitigate some GST tax.

In addition to identifying transfers to a skip person or a trust for the benefit of a skip person, tax advisers need to know how much of the taxpayer's GST exemption has been 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 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. GST exemption and calculating inclusion ratios
  2. Timely allocation rules:
    1. At death
    2. Direct skips during life
    3. Indirect skips during life
      1. GST trusts defined
      2. Automatic allocation rules
      3. Opting out of automatic allocation
  3. Estate tax inclusion period rule
  4. Nontaxable gifts to skip persons
  5. Late and retroactive allocations
  6. Changes in inclusion ratios and qualified severance rules

Benefits

The panel will discuss these and other important topics:

  • Elections and strategies to minimize or avoid GST tax
  • Methods 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

Lazo, Christiana
Christiana M. Lazo
Partner
Proskauer

Ms. Lazo’s practice consists of representing ultra-high net worth individuals, their family offices, and closely...  |  Read More

Weeg, Christopher
Christopher C. Weeg, J.D., LL.M., CPA
Attorney
Comiter Singer Baseman & Braun

Mr. Weeg is a Board Certified tax lawyer and a licensed CPA. His law practice includes drafting wills and trusts;...  |  Read More

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