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The Role of Lifetime Gifts in Estate Planning - Webinar

  • ID: 4606155
  • Webinar
  • September 2018
  • Region: Global
  • 90 Minutes
  • Lorman Business Center, Inc.
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Gain an understanding of the effective estate planning concepts and techniques for lifetime gifts.

Effective estate planning involves more than just the preparation of will and trust that are designed to take advantage of the unified credit and marital deduction at a clients death. Instead, estate planning often relies heavily on lifetimes gifts made well before a clients death. Proper use of gifts can save taxes, make funds available immediately to satisfy the needs of family members and ensure that the clients dispositive wishes are followed. This topic will help you add to your estate planning practice by discussing many types of lifetime gifts and the different roles that they can plan in estate planning. It will explore basic concepts, review the credits, exclusions and deductions available under gift tax laws and discuss how to use them effectively. This material will also provide an overview of several important gift techniques, including the importance of complete gifts versus incomplete gifts, powers of appointment, and reverse estate planning. It will discuss 529 Plans, Crummey trusts, qualifies personal residence trusts, grantor trusts and family limited partnerships, and will highlight important traps for the unwary.

Learning Objectives
  • You will be able to identify specific planning techniques.
  • You will be able to recognize income tax issues.
  • You will be able to discuss basic gift concepts.
  • You will be able to review traps for the unwary.
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Overview of Basic Gift Concepts
  • What Constitutes a Gift?
  • Why Make Gifts?
  • Structure of Gift Tax
  • Unified Credit
  • Annual Exclusion
  • Additional Exclusions
  • Payment of Gift Tax: Tax Inclusive vs. Tax Exclusive
  • Valuation and Discounting
Income Tax Issues
  • Carry - Over Basis vs. Step - up in Basis
  • Income Taxation of Trusts
Overview of Specific Planning Techniques
  • Outright Gifts
  • 529 Plans
  • Basic Gifts in Trust
  • Advanced Gifts in Trust
  • Charitable Trusts and Private Foundations
  • Family Limited Partnerships - Basic Overview
Traps for the Unwary
  • Estate Tax Re - Inclusion Provisions
  • Filing Requirements
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Jennifer V. Abelaj - Davidoff Hutcher & Citron LLP, Anta Cissé-Green, Esq., L.L.M., T.E.P. - NYU Langone Health
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This webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, CFOs, finance directors, business owners and managers, tax managers, financial planners and enrolled agents.
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