David Haughton, JD, CPWA® walks through three common methods of gifting (direct gifts, gifts in trusts, and gifts to 529 plans) along with their respective benefits, common pitfalls, tax implications, and gift tax reporting requirements. During this webinar, advisors will learn how to:
- Discuss the major gift tax “exemptions” and how the sunset of the Tax Cuts and Jobs Act (TCJA) may impact them.
- Explain common gifting methods along with the benefits, downsides, and potential tax implications of each.
- Assess when a gift would require a client to file a gift tax return, when a client may benefit from filing a gift tax return even if it is not required, and the nuances of valuing gifts for a Form 709 filing.
- Structure gifts to plan for basis, minimize tax liabilities, and effectively avoid or utilize gift reporting based on the nature of the gift and the client’s unique gifting needs.
