Overview
Carol Harrington leads a virtual presentation focused on the current generation-skipping transfer tax, which has been a part of the US transfer tax system for over 30 years and yet it is still a topic that confounds many advisers.
Each taxpayer may allocate GST exemption to gifts made during life or at death. The GST exemption also may be automatically allocated if the taxpayer does not elect out of the automatic allocation rules, which are complex. We will explain the rules for automatic and manual allocation on gift and estate tax returns, common return preparation problems and mistakes, and possible options to address prior mistakes. Carol helps to guide participants through GST exemption basics and practical tips, as well as about some common errors and misconceptions that advisers should know about regarding allocation of GST exemption.