Reporting GRATs, GRUTs, ILITs, and IDGTs on Form 709: GST Exemption Allocation Calculations and Strategies
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course 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.
Outline
- 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
Benefits
Our speaker will discuss these and other relevant topics:
- Opting out of the automatic allocation of GST exemptions--when and how
- Reporting indirect skips
- Late allocations of GST exemptions
- Calculating the inclusion ratio
- Avoiding ETIP traps
Faculty
Marjorie A. Horwin, CPA
Principal-in-Charge, Private Wealth Services Group
MBAF, Certified Public Accountants and Advisors
Ms. Horwin has practiced in the area of income, estate, trust, and exempt organization tax planning and compliance for... | Read More
Ms. Horwin has practiced in the area of income, estate, trust, and exempt organization tax planning and compliance for more than three decades. She specializes in working with high net worth individuals and owners of closely held businesses to develop integrated lifetime and testamentary plans that minimize income and transfer taxes, provide asset protection, facilitate business succession, and address retirement and charitable planning issues. With extensive experience in the areas of income, trust, gift, and estate tax planning and compliance, Ms. Horwin structures plans to improve income and estate tax efficiency. Her expertise includes federal and state tax compliance, partnership accounting, and valuation as it pertains to income, estate, and gift tax planning.
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Nolan A. Moullé, III
Senior Vice President | Senior Wealth Advisor
The Northern Trust Company
Mr. Moulle provides insight and guidance on wealth planning and tax issues of interest to clients, their businesses,... | Read More
Mr. Moulle provides insight and guidance on wealth planning and tax issues of interest to clients, their businesses, and their advisors. His prior estate planning career has included Baker Botts, LLP, Snell & Wilmer, L.L.P., and Norton Rose Fulbright US LLP. Mr. Moulle currently serves as Chair of the Fiduciary Income Tax Committee of the American Bar Association's Tax Section, and has previously served as a Co-Chair of the Houston Bar Association's Elder Law Committee.
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