Reporting GRATS, GRUTS, ILITS and IDGTs on Form 709: GST Exemption Allocation Calculations and Strategies

A live 110-minute CPE webinar with interactive Q&A


Tuesday, August 8, 2017
1:00pm-2:50pm EDT, 10:00am-11:50am PDT


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. Our nationally-known speaker will discuss how to allocate exemption amounts, as well as other practical tools to minimize GST impact and avoid costly penalties.

Description

Clients who have utilized planning vehicles such as IDGTs, GRATs, ILITs or decanted trusts face complex considerations in preparing Form 709 Gift Tax Returns, especially in terms of allocating generation-skipping transfer tax exemptions.

Any transfer of assets directly to a “skip person,” or to a trust for the benefit of a skip person, triggers GST reporting and allocation requirements.

Transfers to trusts involving skip persons require the tax adviser to calculate the exemption allocations for GST purposes on Form 709. Advisers must have a thorough grasp of the rules governing automatic allocations, “ETIP allocations,” and timely vs. late allocations, as well as the calculation methodologies for dealing with more sophisticated trusts.

Listen as our experienced speaker provides practical guidance on calculating and reporting required allocations, as well as planning opportunities to reduce GST tax impact on IDGTs, GRATs, ILITs and meeting adequate disclosure requirements.Learn how to navigate the overly technical GST regulations to achieve optimal results for your clients.

Outline

  1. Identifying taxable transfers to skip persons subject to GST reporting in trust documents
  2. GRAT and Crummey Trust exemption allocation and reporting
  3. IDGT seed gift and sale basics and reporting
  4. ETIP rules and GST exemption allocation calculations
  5. The adequate disclosure rules

Benefits

Our speaker 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

Learning Objectives

After completing this course, you will be able to:

  • Identify taxable transfers to skip persons
  • Determine whether a late allocation of GST exemption would provide a more favorable tax outcome
  • Recognize correct GST exemption amounts for IDGTs, GRATs, ILITs and Crummey Trusts
  • Distinguish GST exemption on ILIT premiums to avoid GST on life insurance benefits
  • Learn how to complete Form 709 to report GST transfers and make effective elections

Faculty

Keith Schiller, Esq.
Schiller Law Group, Alamo, Calif.

Mr. Schiller's practice predominantly focuses on estate planning (including business formation and succession planning), trust and estate administration, and compliance with complex issues. He advises clients on an extensive range of issues including reviewing estate and gift tax returns, consulting or representing clients on audits, appeals, and tax court matters. He lectures on estate planning to professionals, teaching to over 1,700 professionals annually. He authored Estate Planning At The Movies® – Art of the Estate Tax Return, a comprehensive textbook now in its Second Edition, published by Bloomberg BNA. He authored more than 12 course texts and more than three dozen published articles. He has taught the full-day course GST Tax from A-Z for the California CPA Education Foundation since 1994.


Registration per Person for Live Event

Additional lines for this conference can be purchased at 25% off. For orders of five or more lines, further discounts will apply and will be automatically reflected in the cart.

Live Webinar $147.00

Live Webinar & CPE Processing $182.00


CPE per Person on Live Event

Continuing Professional Education credit processing is available for an additional fee. CPE processing must be ordered prior to the event. To qualify for CPE you may not listen via the telephone.

This program is eligible for 2.0 CPE credits.

  • Field of Study: Taxes.
  • Level of Knowledge: Intermediate.
  • Advance Preparation: None.
  • Teaching Method: Seminar/Lecture.
  • Delivery Method: Group-Internet (via computer).
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization preparing complex tax forms and schedules. Specific knowledge of estate planning, gifts, trusts, GRATs, GRUTs, ILITs and IDGTs and IRS Form 709; familiarity with exemption calculations, generation skipping taxes and portability of spousal lifetime exclusions.

NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.


Recordings

Recorded Event

Includes full event recording plus handouts (available after live webinar).

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $147.00
Available 48 hours after the live event

How does this work?

Recorded Audio Download (MP3) $147.00
Available 24 hours after the live event

How does this work?

DVD (Slide Presentation with Audio) $147.00 plus $9.45 S&H
Available ten business days after the live event

How does this work?


Registration Plus Recorded Event

Best value!

Live Webinar & Webinar Download $194.00

Recorded Webinar Download Only $47.00 with Registration/Webinar Combo

Live Webinar & Audio Download $194.00

Recorded Audio Download (MP3) Only $47.00 with Registration/MP3 Combo

Live Webinar & DVD $194.00 plus $9.45 S&H

DVD (Slide Presentation with Audio) Only $47.00 with Registration/DVD Combo


NASBA CPE Sponsor

National Registry of CPE Sponsors

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

or call 1-800-926-7926

Can't Attend the Live Program?

CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

or call 1-800-926-7926

EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

or call 1-800-926-7926

Customer Reviews

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

I liked the concentration on specific issues and examples.

Edita Rimalovsky

Komisar Brady & Co.

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

Matt Bristow

Cover & Rossiter

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

Larry Bruck

WISS & Company

or call 1-800-926-7926

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Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.