Reporting GRATS, GRUTS, ILITS and IDGTs on Form 709: GST Exemption Allocation Calculations and Strategies
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide tax advisers with a thorough and comprehensive guide to the gift and generation skipping tax reporting challenges of allocating GST transfer taxes in circumstances involving the use of GRATs, IDGTs, ILITs and similar trusts. The panel will discuss how to allocate exemption amounts, as well as other practical tools to minimize GST impact and avoid costly penalties.
- Identifying taxable transfers to skip persons subject to GST reporting in trust documents
- GRAT and Crummey Trust exemption allocation and reporting
- IDGT seed gift and sale basics and reporting
- ETIP rules and GST exemption allocation calculations
- The adequate disclosure rules
The panel will discuss these and other important topics:
- Opting out of automatic allocation of GST exemptions—when and how
- Reporting indirect skips
- Late allocations of GST exemptions
- Calculating inclusion ratio
- Avoiding ETIP traps
Tracy McSweeney Child
Sherman Wells Sylvester & Stamelman
Ms. Child assists clients with a broad range of estate planning, estate administration, family business succession... | Read More
Ms. Child assists clients with a broad range of estate planning, estate administration, family business succession planning and related tax work. Her counsel includes drafting wills, revocable trusts, insurance trusts, and grantor retained annuity trusts to ensure the client's succession plan and tax objectives are maintained beyond the client's life. She also counsels individuals on charitable giving and assists various tax-exempt organizations in the formation and application for tax-exempt status, counseling them on their administration and day-to-day operations, including federal and state compliance with their corporate and tax requirements and grant-making, as well as dissolution. Previously, she was a senior tax associate with Deloitte and Touche, as well as Arthur Andersen.Close
Joy Matak, J.D., LLM.
Ms. Matak focuses on estate and business succession planning. She advises clients regarding administrative,... | Read More
Ms. Matak focuses on estate and business succession planning. She advises clients regarding administrative, management and tax compliance requirements of their sophisticated trusts, including GRATs & IDGTs; family limited partnerships, wills, and inter vivos gift transfers, including preparation and completion of gift tax returns, estate tax returns and income tax returns for trusts and estates. She also advises clients about generation skipping transfer taxation rules and regulations and ensures proper reporting.Close
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CPE On-DemandSee NASBA details.