This module deals with the federal gift tax. Subtopics include: unification of the gift and estate tax, completed gifts, gift tax exclusions, calculation of the tax due, filing requirements, and various gift tax planning techniques to meet client objectives.

2-1: Describe the basic features of the federal gift tax
2-2: Analyze a situation to identify factors that would be relevant in determining the value of gifted assets
2-3: Describe the purpose and basic features of the special valuation rules under IRC Chapter 14
2-4: Analyze a situation to identify transfers included in total gifts, and/or deductions that are available in calculating taxable gifts
2-5: Analyze a situation to calculate the federal gift tax.
2-6: Analyze a situation to determine the tax impact of lifetime transfers on subsequent lifetime transfers by the donor, and on a donee spouse's potential estate tax liability

Author: Kirsten Waldrip, JD, LL.M.

Kirsten Waldrip, JD, LL.M., is an associate professor of estate planning and taxation at the College for Financial Planning. Kirsten worked in private practice as an estate planning and administration attorney prior to joining the College. She graduated from Arizona State University with a bachelor’s degree in interdisciplinary studies of business and communication, she received her JD from Syracuse University College of Law, and she received her LL.M. from University of Denver. You can contact Kirsten at kirsten.waldrip@cffp.edu.

Complexity Level: Overview