Course Description

Gifting is a key part of any estate plan. If done correctly, wealth can be transferred to other family members and loved ones while minimizing the tax effects. However, clawback provisions, exemption limitations, and the estate tax structure make this process wrought with potential pitfalls. In this course, we will discuss the rules surrounding gifting and ways to help clients mitigate negative tax surprises. We will also discuss the particularly tricky issue of trying to gift assets to qualify for Medicaid.

Learning Objectives

  • Recognize when transfers are subject to gift taxes.

  • Identify what gifts are not eligible for the annual exclusion.

  • State what is required for gift splitting.

Additional Required Materials

  • Level: Intermediate

  • Field of Study: Taxes (NASBA); Estate Planning (CFP); Federal Taxation (IRS)

  • Who Should Attend: Tax practitioners and financial advisors who work with clients on tax planning and estate planning issues.

  • Required Knowledge: A basic understanding of individual income tax concepts.

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.