The purpose of this guide is to help develop an in-depth understanding of federal estate and gift taxation, planning for gifts, and related tax planning strategies.
It is recommended for personal trust administrators, private bankers, portfolio managers, and other wealth advisors as a desk reference and as a study resource for the Certified Trust and Fiduciary Advisor exam.
Topics covered include:
Overview of current tax laws;
Individual income tax, including exclusions, deductions, net investment income, AMT and the decedent's final 1040;
Fiduciary income tax, including trust and estates as taxable entities, basis, gain and loss, income in respect of a decedent, and the effects of a distribution;
Income taxation of charitable entities, private foundations and split-interest trusts;
Federal estate and gift taxation, valuations, the marital deduction and tax liability;
Generation-skipping transfer tax, including computation and liability;
Effective planning for marital trust, GST, retirement benefits and the closely-held business; and