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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Estate and Gift Taxation: Planning and Compliance (EGTP)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

We have what we all wanted – permanent estate and gift tax laws. But, like in most areas of life, we need to be careful of what ask for. In the complex area of wealth transfer planning, the best advisors anticipate opportunities and help clients develop long-term strategies to minimize taxes on transfers during their life and at death. This program explores this specialized area of taxation. It serves as a refresher for those who want to understand how the most recent changes in gift and estate tax law will apply to current wealth transfer planning. The course considers the various forms that need to be prepared for gifts, bequests, and fiduciary income taxes. All this knowledge is critical for a tax advisor’s understanding of how to effectively serve important and successful clients, and to convince reluctant and reticent clients that planning is important.

DESIGNED FOR...

Tax advisors expecting to be involved in developing comprehensive wealth management and transfer planning strategies for individuals, including income, gift, and estate tax planning techniques.

OBJECTIVE

Participants will be able to:

  • Identify information required for proper compliance with estate and gift tax rules
  • Prepare “audit proof” estate and gift tax returns
  • Effectively apply knowledge in wealth transfer planning engagements, including gifting and valuation techniques
  • Understand Portability of the estate tax exclusion for surviving spouses and assist clients in planning for its application
  • Understand the new requirements for reporting basis information to estate beneficiaries

MAJOR SUBJECTS

  • Tax Cuts and Jobs Act temporary doubling of lifetime exclusion and how that affects dealing with planning and decedent’s estates
  • Probate estate versus taxable estate
  • Overview of Gift Tax Return (Form 709)
  • Annual exclusion, gift splitting, proper development, and disclosure of asset valuations
  • Overview of the Federal Estate Tax Return (Form 706)
  • IRS audit techniques for gift and estate tax returns
  • Value of planning to reduce gift and estate taxes
  • Basis of discounts for Family Limited Partnership interests
  • When and how to defer estate taxes
  • Election of estate versus income tax deductions
  • Alternate valuation
  • Estate and gift tax credits
  • Disclaimers
  • Planning for maximum benefit of exemptions

COURSE ACRONYM: EGTP

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Basic

PREREQUISITES: 

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/Estate and Trust Taxation

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.