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| Author : | Andrew Clark, EA |
| Course Length : | Pages: 78 ||| Word Count: 51,582 ||| Review Questions: 24 ||| Final Exam Questions: 40 |
| CPE Credits : | 8.0 |
| IRS Credits : | 8 |
| Price : | $71.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 2345 |
| Description : | The IRS has a unified wealth transfer taxation system to ensure that any assets transferred my means of gifts, deaths, and gifts that skip a generation are taxed accordingly. This course will discuss estate planning and estate taxes, gift taxes, and generation-skipping transfer taxes in detail. This course will describe the tools that are available for estate planning and will define the benefits of using each tool. This course will describe how to identify what is included in the gross estate and demonstrate how to calculate the gross estate amounts. This course will also identify the conditions under which filing a gift tax return is required. Finally, this course will identify and discuss the different types of generation-skipping transfers and how each are taxed by the IRS. This course has been updated to reflect all current changes to tax law and amounts for 2024. |
| Usage Rank : | 20000 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | Basic understanding of federal income taxation and estate concepts. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
IRS Newsroom
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 07-Aug-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 2345 |
| Keywords : | Taxes, Estate, Gift, Generation, Skipping, Transfer, Taxes, 2024, cpe, cpa, online course |
| Learning Objectives : |
Course Learning Objectives At the end of this course, students will be:
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| Course Contents : | Chapter 1 - Estate, Gift, and Generation Skipping Transfer Taxes for 2024 Course Learning Objectives Introduction Part 1 – Estates, Estate Taxes and Estate Planning Tools Estate Tax Defined Estate Planning Attorney Accountant Insurance Agents Financial Planner Administration Internal Revenue Service (IRS) Intestacy Probate Court Trustee Executor / Executrix Family Responsibilities Tools and Techniques for Estate Planning The Probate Process Disposing of Property using a Will Disposing of Property without a Will Non-Probate Transfers Joint Tenancy with Right of Survivorship Tenancy in Common Retirement Accounts Payable on Death Accounts (POD) Life Insurance of a Decedent Gifts Completed Transfers Executed by Means of a Trust Trusts Trusts Defined Reasons for Using a Trust Living vs. Testamentary Trusts Building Blocks of a Trust Trusts - Revocable Trusts - Living Reversion Defined Living Trust Advantages Living Trust Disadvantages Pour-Over Will Trusts - Irrevocable Trusts - Testamentary The Taxation of Trusts Grantor Trusts Grantor Retained Income Trusts Using Revocable Trusts Estates Compared to Living Trusts Using Irrevocable Trusts 2024 Trust Income Tax Rates 2023 Trust Income Tax Rates 2022 Trust Income Tax Rates Capital Gains Treatment in Trusts Deduction of Estate Planning Expenses Deduction of Expenses Gift Tax with Respect to Trusts Estate Tax with Respect to Trusts Unlimited Marital Deduction Marital Deduction Trust Qualified Terminable Interest Property (QTIP) Trust “A-B” Trusts “A-B-C” (QTIP) Trust Tax Basis Alternative Valuation Revocable Living Trust Clauses Identification Clause Trustee Clause Property Transfer Clause Revocation and Amendment Clause Income and Principle Clause Recital Clause Trustee Requirements Advantages of Hiring Corporate Trustees Advantages of Hiring Individual Trustees Trust Termination Clause Life Insurance Trust Annual gift tax exclusion Unlimited Donees Gifts Exceeding $18,000 Lifetime Exclusion for an Estate Unlimited Marital Deduction Gift Splitting Consent to Gift Split Applies to All Gifts IRC Reference Gift Splitting Requirements Community Property States 5-year Deferral and 10-year Installment Payment Installment Sale to Family Members Self-Canceling Installment Notes Private Annuities Crummey Trusts Charitable Remainder Trusts Minor Trusts Family Limited Partnerships Qualified Personal Residence Trusts (QPRTs) Grantor Retained Annuity Trust Grantor Retained Unitrusts (GRUTs) Past and Present Exemptions and Estate Tax Rates Estate Planning Goals Estate Plan Outcomes Types of Estate Taxes Part 1 - Review Questions Part 2 - Estate Tax Calculation The Gross Estate Liabilities of the Decedent Administration Expenses Court decree. Consent decree. For example Debts IRC Reference Dower, Curtesy, or Statutory Share of the Living Spouse Power of Appointment Joint Tenants with Right to Survivorship Transferred property in which the decedent retained an interest Government Obligations Life Insurance Proceeds Annuities and Survivor Benefits Medical Insurance Expenses Medical Insurance Reimbursements Gifts within 3 Years of Death IRC Reference IRC Reference Example Gifts of Life Insurance “Inter Vivos” Transfers Community Property IRC Reference Qualified Terminable Interest Property (QTIP) IRC Reference Part 2 - Review Questions Part 3 - Valuing the Gross Estate Deductions for the Gross Estate Expenses IRC Reference IRC Reference Charitable Contributions Marital Transfers State Death Tax Deduction Gross Estate Credits Applicable credit amount (ACA). Portability of unused applicable exclusion amount Portability provisions IRC Reference Irrevocable Election of Portability Individuals who can Make a Portability Election for an Estate Portability Examples Portability Provisions to the Surviving Spouse's Estate. IRC Reference Portability Provisions when Surviving Spouse is Not a US Citizen IRC Reference Examine returns of deceased spouses Estates of nonresidents who are not citizens DSUE amounts Federal estate tax paid on prior transfers Foreign Death Taxes Credit for gift taxes on pre-1977 gifts IRC Reference Estate Tax Payment and Return Reporting of value not required for certain property Return Due Dates IRC Reference Alternate Valuation Method Recapture Assessment Period Basis reporting requirement Portability election for unused applicable exclusion amount IRC Reference Tax charged to property Estate taxation on nonresident aliens IRC Reference Part 3 - Review Questions Part 4 – Gift Taxes and Generation Skipping Taxes Gift Tax Defined Unified Transfer Tax System Lifetime Exclusion for an Estate Why Gift Taxes are Required Timing of a Gift Gifts to an Entity Crummey Trusts Gifts to Minors Outright gifts. Tax Cuts and Jobs Act Trust Income Tax Rates 2024 Trust Income Tax Rates Guardianship Custodial arrangements. Present Interest of Gifts to a Minor Qualified State Tuition Programs Not all Gifts are Subject to Gift Tax Gifts that do not exceed annual exclusion Gifts to a Spouse Charitable Gifts Transfers to charitable organizations not subject to federal gift tax. Political Contributions Qualified Tuition Payments Medical Costs Annual Exclusion Amount Unlimited Donees Gifts Exceeding $18,000 Present Interest vs. Future Interest Gift Splitting Consent to Gift Split Applies to All Gifts Gift Splitting Requirements Community Property States Gift Tax Return Gift Tax Return Due Date: Valuation Real Estate Valuation Understatement Computing Gift Tax Generation Skipping Transfers Transfer Types Exemption Amount How to compute generation skipping transfer tax Generation Skipping Terminations Tax (GSTT) Generation Skipping Distribution Tax (GSDT) Direct Skip Gift Tax (DSGT) Direct Skip Estate Tax (DSET) Filing the return and paying the GSTT Gifts and bequests from expatriates Tax Cuts and Jobs Act – Changes related to Estate, Gift, and Generation-Skipping Transfers Taxes Modifications to Estate, Gift, and Generation-Skipping Transfers Taxes I. Other Provisions 1. Temporarily allow increased contributions to ABLE accounts, and allow contributions to be eligible for saver’s credit Part 4 - Review Questions Glossary |
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