The federal gift tax often comes as a surprise to clients who want to transfer wealth to family members. There is often confusion about how gifting works, what forms need to be filed, and how it can affect estate planning. This program offers a clear, concise and practical review of what the gift tax is and how it works. Now that portability rules have been made permanent, there are significant opportunities for planning using gifting on the part of a surviving spouse. In addition, the lifetime exclusion and the generation skipping transfer (GST) tax exclusions have been enhanced significantly.
Publication Date: May 2022
This course is essential for CPAs, CFPs, enrolled agents, tax preparers, tax attorneys and other professionals who advise clients on tax, retirement and estate planning, and other wealth management matters.
- Transfers subject to the Gift Tax
- Transfers that are not subject to the Gift Tax
- Exclusions from the Gift Tax
- Gift-splitting by spouses
- Available Gift Tax deductions
- Valuation of gifts
- Avoiding gift treatment by using disclaimers
- Special rules and situations involving Gift Transactions
- Statutes of limitations and the adequate disclosure rules
- Describe what the federal gift tax is and how it works
- Identify transfers that are subject to the gift tax and which are not
- Recognize how to explain key compliance and reporting requirements for the gift tax
- Identify planning opportunities with the gift tax
- Identify the maximum gift tax rate for 2022?
- Recognize the percent of a direct payment of tuition expenses to an educational institution is treated as a taxable gift
- Identify what amount in 2022 of gifts made by a donor to each donee during a calendar year is excluded in determining the total amount of gifts made by the donor during such year
- Describe the gift tax value of a life insurance policy depends
- Recognize which act by a beneficiary whereby the beneficiary declines, refuses, and renounces any interest in property otherwise bequeathed to the beneficiary
NASBA Field of Study
Taxes (2 hours)