This is a part of our “How To” Series.

Generation-skipping Tax (GST) is imposed on a direct transfer of property to a grandchild that might otherwise be subject to two levels of estate taxation if first transferred from grandparent to parent and then to grandchild.  Transfers made during a lifetime are reported on Form 709; skips made at death are reported on Form 706.  As a result, the GST cannot be escaped, whether in life or after death!  Or can it?  Find out how direct skips, trust distributions, and terminations are taxed, then discover GST minimization and avoidance strategies that work. 

Learning Objectives

Upon completion of this course, you will be able to:

• Appreciate the historical background under which the GST regime was introduced.
• Identify related, unrelated, and entity skip “persons”.
• Correctly apply the tax to three types of transfers, including direct skips, taxable terminations, and taxable distributions.
• Use the inclusion ratio to ensure that the tax is applied only to amounts transferred that exceed the GST exemption.
• Employ planning strategies to help minimize taxpayer exposure to the GST. 

This Course Counts for 2 Hours of Federal Tax Law for IRS Continuing Education. 

About Monica Haven:

Monica Haven is an Enrolled Agent, an Accredited Tax Advisor®, and Accredited Tax Preparer®. She is a graduate fellow of the National Tax Practice Institute®, a nationally recognized academic program designed to develop and hone the skills necessary for effective taxpayer representation.

She has a Bachelor of Science degree in Small Business Management with an emphasis on New Ventures, as well as a Doctor of Jurisprudence (J.D.) and a Master of Laws in Taxation (LL.M.) from Loyola Law School in Los Angeles.

She is a nationally recognized speaker and a sought-after guest lecturer on college campuses and at community organizations.  She loves to teach and welcomes every opportunity to share her experience and expertise in the classroom, even as she maintains her Southern California tax practice which serves clients throughout the world.