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


Conducted on Tuesday, August 8, 2017
Recorded event now available


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.


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Program Materials

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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.

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