Generation-Skipping Transfer Tax
Course Number: ABA
Course Code: ABA
Explores planning aspects of the GST tax. Describes the transfer categories and how they are explained to clients and applied. Explains how allocations are used in GST tax exemptions and timely allocations and tax returns and the possible difficulties of making late allocations of filings. Explains the automatic allocation rules with respect to property transfers. Describes the concepts used in calculating the tax. Discusses differences between GST tax on taxable terminations, taxable distributions, and direct skips, and describes the treatment of effective date rules for trusts.
What You’ll Learn
After completing this course, students will be able to:
- Define key terms related to GST
- Describe planning aspects of GST
- Identify the transfer categories, exceptions, and exclusions for GST
- Explain the benefits of the generation-skipping transfer exemptions and allocations in estate planning
- Recognize the concepts associated with calculating the GST tax, including special rules
Audience: Trust officers with at least three years of personal trust experience who need a deeper understanding of technical trust concepts and how solutions work when applied to client needs.