Course ID: 19996 | Course Duration: 1 Day

Gift and Inheritance Tax: Procedure and Strategy Training Class

Course ID: 19996

Gift and Inheritance Tax: Procedure and Strategy Training Seminar

Protect Your Client's Assets With Proper Tax Planning

This dynamic course offers a practical introduction to gift and inheritance tax planning principles and procedures. Whether you're just beginning your estate planning practice or are an experienced attorney, you'll find value in breaking down complex concepts into simple components. Gain a wealth of experience in tax reduction strategies in one information-packed day. Enroll today!

Know what is and isn't your client's responsibility: find out who is responsible for paying the various types of tax on gifts and estate.
Assess the client's financial situation to determine whether a gifting plan will help.
Minimize your clients' taxes: discover effective transfer techniques for lowering their taxable estate.
Understand the process of reporting gift and estate taxes to the IRS with a sample walk through the Federal Forms 706 and 709.
Explore the deductions and exemptions to federal estate tax and learn how to take full advantage of them.
Learn to overcome taxation challenges in specific situations.
Find out how to classify estate assets to minimize tax liability.
Know what to look for in existing estate plans to protect yourself and your client from paying for someone else's bad drafting.
Get the best use out of lifetime and annual gifting exemption without dipping into the estate exemption.
Provide your client with a solid plan: learn what types of assets cannot be gifted.


	Agenda
	FEDERAL AND STATE GIFT TAX IN A NUTSHELL 9:00 -10:00 Karin A. Veatch What Is a Gift? Recipients of the Gift Determining the Amount and Fair Market Value of the Taxable Gift Who Is Responsible for Paying the Gift Tax? What Are the Gift Tax Rates? Unintentional Gifts Reporting Gifts (Completing Federal Form 709, filing requirements, procedure and timeline) Differences Between Federal and State Gift Tax Outlined STATE INHERITANCE TAX 10:00 - 10:45 Shawn M. Scott What Is Taxed? Determining the Fair Market Value of the Property Who Is Responsible for Paying the Tax? Taking Advantage of Inheritance Tax Exemptions Using Trusts and Annuities to Minimize the Tax Burden FEDERAL ESTATE TAX 11:00 - 12:15 Greg J. Duncan When Is the Tax Calculated? What Is Taxed? (Including: definition of the gross estate, classifying and valuing assets, etc.) Who Is Responsible for Paying? Filing the Estate Tax (Completing Federal Form 706, filing requirements, procedure and timeline) Taking Advantage of Deductions and Exemptions to Minimize the Tax Burden Common Asset Transfer Techniques to Minimize Taxable Estate OVERCOMING TAXATION CHALLENGES IN SPECIFIC SITUATIONS 1:15 - 2:30 Bret G. Brewer Closely Held Companies Utilization of Valuation Discounts A Discount on Publicly Traded Stock? Business Transfer Taxation Challenges Specific Trusts Taxation Requirements Taking Advantage of Deductions and Disclaimers Making the Most of the Marital Deduction ADAPTING YOUR PRACTICE TO CURRENT DEVELOPMENTS AND FUTURE TRENDS 2:45 - 3:30 Karin A. Veatch The Present and Future Implications of EGTRRA Planning Techniques that Work Revising Existing Estate Plans ETHICAL CONSIDERATIONS 3:30 - 4:30 Shawn M. Scott Avoiding Fraudulent Transfers Determining and Collecting Attorneys' Fees Preventing Conflicts of Interest Area of Expertise Additional Duties of Attorneys Serving as Fiduciaries


	Audience
	This basic-to-intermediate level course will provide simple solutions to the complex area of gift and inheritance taxes for attorneys. Financial planners, accountants and CPAs, trust officers and paralegals may also benefit from this seminar.