This module deals with the federal generation-skipping transfer tax (GSTT), and certain income tax issues that play a prominent role in estate planning. Subtopics for the GSTT include: an overview of the tax and its place in the federal transfer tax system, the definition of terms unique to this tax, the GSTT exemption, and reporting requirements. Subtopics for income tax include: installment reporting of capital gain, the charitable income tax deduction, basis calculations, income in respect of a decedent, and responsibility for reporting trust income.

7-1: Identify the purpose and basic features of the federal generation-skipping transfer tax (GSTT)
7-2: Analyze a situation to identify types and consequences of transfers that are subject to the federal generation-skipping transfer tax (GSTT)
7-3: Analyze a situation to identify the income tax implications of an estate transfer technique

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: Advanced