Estate and Gift Taxation Basics

General Description:

The participant will gain an understanding of the basic principles of estate and gift taxation and how they relate to the preparation of Forms 706 and 709.

Learning Objective:

After completing this course the participant will be able to:

• Explain how the estate and gift and gift tax are integrated.
• Describe how assets not owned by the decedent are included in the decedent's estate.
• Recognize when gift splitting is required to prepare Form 709.
• Determine estate inclusion issues caused when a spouse or related person serves as trustee.
• Prepare the gift tax return, Form 709.
• Prepare the estate tax return for traditional QTIP and credit shelter trusts, Form 706.
• Prepare the estate tax return for a portability election.
• List the three most common grantor trust mistakes made by accountants when preparing trust tax returns.
• Explain traditional estate planning with the Marital and Bypass Trust.
• Summarize the advantages and disadvantages of using a revocable trust when compared to a will.
• Employ discretionary dynasty trusts to protect a child’s inheritance.

Instructors:

Mark Merric is a CPA and an attorney and holds a master of taxation degree. He is an adjunct professor at the University of Denver Graduate Tax Program and the University of Colorado Denver MS in Taxation program, and a lecturer for Fudan University’s Master of Taxation program (second ranked in China). He manages his own law firm where he concentrates on domestic and international business transactions, international taxation, and estate planning. He has spoken nationally and internationally more than 600 times, authored and co-authored more than 80 articles nationally, and is quoted in the Wall Street Journal, Forbes, and the Boston Herald.

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