This advanced course is designed to complement the 4-part 706 Preparation Series and will discuss various aspects of the Generation-Skipping Transfer Tax.
Learning 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.
Major Topics
- Taxable terminations
- Mismatch between available exemption and GST, and utilizing excess GST
- GST elections on Form 709 and automatic allocations
