On Demand Seminar
ITEM #:  1737572201   |   EVENT CODE:  399565


Available 24/7

To claim CLE credit, view by:  September 14, 2023

Through December 31, 2023, Minnesota-licensed attorneys can satisfy continuing legal education requirements by viewing and reporting up to 30 credits of on demand programming. Effective the first reporting period after January 1, 2024, there is no limit. Depending on the jurisdiction in which you practice, you may or may not be able to claim credit for viewing this on demand seminar. Please check with your licensing agency for accreditation information.

Understanding Estate and Gift Taxation

Originally presented:  September 15, 2021     |     Course length:  6.25 hours

This course is designed for estate planning attorneys who advise clients on gift, estate, and generation-skipping taxes. It will focus on tax-driven strategies used to transfer wealth to the next generation and beyond as efficiently as possible, with an emphasis on the effectiveness of various estate planning techniques. The course will begin by reviewing basic estate and gift tax concepts. Our expert faculty will then build on these concepts by considering commonly used planning structures and their applicability to specific situations. The faculty will use hypotheticals and scenarios to demonstrate various strategies that address specific family and charitable objectives while also identifying planning opportunities to reduce a taxpayer’s estate and gift tax liability.

Topics include:

  • The Federal Gift Tax and How It Works
  • 10 Facts You Should Know about the Federal Estate Tax
  • Portability and How to Make the Deceased Spousal Unused Exclusion Election
  • The Proposed Tax Law Changes and the Potential Impact on Estate Planning
  • The Generation-Skipping Transfer Tax and Its Application to Transfers Within and Outside of a Trust
  • And much more!

Overview of Estate and Gift Taxes  (10 MINUTES)
– Daniel R. Donovan, Course Chair

Making Sense of the Federal Gift Tax  (50 MINUTES)
Knowledge of the federal gift tax is essential for attorneys who assist clients with their estate plans, and yet it is often misunderstood and comes as a surprise to clients who want to transfer wealth to family members. This session will explain what the federal gift tax is and how it works. This session will also identify transfers that are subject to the gift tax, and which are not; describe key compliance and reporting requirements for the gift tax; identify planning opportunities with the gift tax; and recognize that the gift tax is based on the value of the transferred property.
– James T. McNary

10 Facts You Should Know about the Federal Estate Tax  (45 MINUTES)
The estate tax has been an important source of federal revenue for a century, yet several misconceptions continue to surround it. The federal estate tax is charged to a decedent’s estate when their assets pass on to their beneficiaries. Currently, most estates won’t encounter the federal estate tax given the high threshold amount for the estate tax exemption. However, because this tax can have a significant impact on a decedent’s beneficiaries, it’s best to plan ahead for it in your clients’ estate plans. This session will explore how the estate tax could affect your clients and their beneficiaries, and it will also provide best practices for advising your clients on its applicability to their estates.
– Michael P. Sampson

Minnesota’s Estate Tax – When It Is Owed and How It Works  (45 MINUTES)
In the previous session, you learned about the federal estate tax. Minnesota also imposes a tax on the estates of individuals who are residents of the state when they die or who own tangible property (typically real estate) in Minnesota when they die. However, Minnesota’s estate tax is different from the federal estate tax. So, even if your client’s estate isn’t large enough to owe federal estate tax, the estate might still owe a Minnesota estate tax. This session will explain Minnesota’s estate tax system and will provide strategies for limiting your client’s estate tax liability.
– Beth Abraham

5 Factors to Consider When Advising a Surviving Spouse on Portability  (30 MINUTES)
Upon the death of the first spouse, the surviving spouse must decide whether to make the deceased spousal unused exclusion (DSUE) election by filing a federal estate tax return. Analyzing these issues and making an appropriate client recommendation may be more of an art than a science. In today’s environment, it’s important for an estate-planning professional to consider and prioritize the principal factors that will drive the decision to make or forego the DSUE election. This session will provide an overview of the portability rules, including the implications for a surviving spouse who might move from Minnesota. This session will also cover how to compute and make the DSUE election.
– Alison J. Midden

A Hop, Skip, and a Jump – A Short Primer on the GST Tax  (45 MINUTES)
This session will provide an overview of the generation-skipping transfer tax, including its application to transfers in trust and outside of a trust. Explore such topics as the generation assignment (including the move-up rule for a predeceased parent), the GST annual exclusion, the allocation of the GST exemption (including the automatic allocation rules), and reporting GST transfers on Forms 706, 709, 706-GS(T), and 706-GS(D). Also, this session will review more complex GST problems and areas where the law is uncertain or unclear, including a discussion about the modification of grandfathered trusts, the Private Letter Ruling process, and other lessons learned by our two estate planning experts.
– Tessa R. Mielke & Sonny F. Miller

Transfer Taxes vs. Income Taxes – Strategies for Minimizing Your Clients’ Tax Liability  (30 MINUTES)
This session will compare transfer taxes and income taxes. Explore how these two forms of taxation overlap and where they differ. Also, learn the impact these two types of taxes have on your clients’ overall estate plan.
– Christopher J. Kamath & Kaitlin M. Pals

Planning Opportunities and Techniques to Help Your Clients Navigate the Proposed Tax Law Changes  (60 MINUTES)
This session will provide an overview of the proposed changes to Federal transfer tax laws, as well as other potential tax law changes. These changes could significantly impact transfer tax planning strategies available under current law. We will discuss planning opportunities and techniques to consider in this uncertain environment.
– Edward H. Tully

Don’t Panic! Developing Effective Tax Planning Strategies Now  (65 MINUTES)
Over the course of the day, you learned about the current transfer tax regime and the proposed changes. In this scenario-based session, join our panel of experts as they discuss what planning could or should be done now to deal with the current regime and how you can structure planning to address the proposed changes. You will learn more advanced estate tax planning tips based on common scenarios.
– Alison J. Midden, Sonny F. Miller, Kaitlin M. Pals & Edward H. Tully
– Daniel R. Donovan (moderator)


Other discounts that may apply:

Scholarships available!
Need-based scholarships are available for in-person and online seminars. For further information or to obtain a scholarship application, contact us at 800-759-8840 or customerservice@minncle.org.

Minnesota CLE is applying to the Minnesota State Board of CLE for 6.25 standard CLE credits. The maximum number of total credits attendees may claim for this program is 6.25 credits.

Depending on the jurisdiction in which you practice, you may or may not be able to claim credit for viewing this on demand seminar. Please check with your licensing agency for accreditation information.