Generation-Skipping Transfer Tax 2024

Overview

This advanced course is designed to complement the 4-part 706 Preparation Series and will discuss various aspects of the Generation-Skipping Transfer Tax.

Highlights

• Taxable terminations
• Mismatch between available exemption and GST, and utilizing excess GST
• GST elections on Form 709 and automatic allocations

Prerequisites

Completion of the Form 706 Preparation 4-part series is encouraged.

Designed For

CPAs and attorneys who work extensively with Estate plans and the Generation-Skipping Transfer Tax.

Objectives

• Determine the application of the GST rule and when the tax is triggered.
• Recognize transfers that trigger GST and when to automatically allocate GST (or elect out) in gifting.
• Identify common pitfalls.

Preparation

Working knowledge of Forms 706 and 709.