EST2307. Advanced Gift Tax Issues

This session will discuss selected common gift tax problems and how to address them. Topics will include GRAT reporting, issues arising from gifts of joint or community property, unreported gifts to irrevocable life insurance trusts (ILITs), annual exclusions and withdrawal rights, and formula valuation adjustment clauses (e.g., _Wandry_-type clauses).

Learning Objectives:

• Identify common mistakes in reporting gifts such as GRATs, gifts of joint or community property, and gifts subject to annual exclusions and/or withdrawal rights.
• Understand the gift and GST implications of unreported gifts to ILITs.
• List leading practices for properly reporting selected types of gifts, including transfers subject to formula valuation adjustment clauses and certain gifts between spouses.