GST Tax and Happy Hour Late Afternoon Event
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This event is in person and zoom ( Note the Speaker is on zoom and will be broadcast at the MAC West in a room for our group. Following will be a happy hour in the 1903 Worlds Fair Bar at the MAC.
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“Planning for the GST Tax”
Date: Monday, November 6, 2023
Time: 3:30pm – 4:30pm
Location: MAC West 1777 Des Peres Road
Speaker: Presented by: Stephen W. Murphy, Partner, McGuireWoods LLP
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About the presentation: In the world of U.S. transfer tax, clients must be mindful not only of the estate tax and the gift tax, but also of the generation-skipping transfer (“GST”) tax. The GST tax has long been a source of confusion for clients, practitioners, advisors, and fiduciaries.
When understood properly, the GST tax can provide a method of effectively holding and transferring wealth across generations while minimizing transfer tax and maximizing asset protection. But when not understood or applied properly, the GST tax can provide a series of pitfalls for the unwary, which can lead to everything from additional administrative complexity and filings, to claims of breach of fiduciary duty, to substantial and unexpected tax liability.
There are numerous nuances and ambiguities regarding the application of the GST tax. This presentation will provide an overview of the current state of the GST tax, including its history (and legislative proposals for potential changes to the tax), the funding of GST trusts, the rules for allocation of the GST tax exemption to various types of trusts (and what to do when these rules are not followed), the methods (and risks) of modifying GST trusts, planning opportunities with GST trusts, and tips for drafting.
To register for this session, go to www.epcstlouis.org and click the link for the session.
CPA's - CPE Credit Note: In order to be awarded the full credits, you must be responding to three out of the four polling questions asked during the program on ZOOM.
Continuing Education
EPCSTL has requested approval for continuing education in the following areas: CTFA, CLE, CPE, CFP, L&H Insurance
CPE Information for CPAs
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will:
Learning Objectives:
- Participants will be able to: Summarize the history and development of the GST tax, and why it is relevant (or not relevant) to clients’ planning and trust administration
- Understand and apply the issues of allocation of GST tax exemption
- Understand the planning opportunities for GST tax, including the GST tax exempt “dynasty trust”
- Understand the opportunities for modifying trusts for tax and non-tax purposes
- Understand the pitfalls of modifying exempt trusts
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will earn 1 CPE credit.
Field of Study: Specialized Knowledge
Additional Information:
Delivery Method: Group Live/Group Internet Based
Program Level: Basic
Pre-requisite: NONE
Who should attend: This presentation is aimed at lawyers, accountants, trust officers and other estate planning professionals with a background in estate planning topics.
Refunds and Cancellations: All attendees are required to register in advance. If you reserve and are unable to attend, please cancel your reservation at least 3 working days in advance of the meeting to receive a refund or a credit for a future meeting. For more information regarding refund, complaint, and/or program cancellation policies please contact our offices at 314-520-3564.
Estate Planning Council of St. Louis is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
National Registry of CPE Sponsors Number 109467
CTFA
CTFA 1.25 CE credit
CFP
- Summarize the history and development of the GST tax, and why it is relevant (or not relevant) to clients’ planning and trust administration
- Understand and apply the issues of allocation of GST tax exemption
- Understand the planning opportunities for GST tax, including the GST tax exempt “dynasty trust”
- Understand the opportunities for modifying trusts for tax and non-tax purposes
- Understand the pitfalls of modifying exempt trusts
About the Speaker:
STEPHEN W. MURPHY is chair of the Private Wealth Services group of McGuireWoods LLP, and he is a partner in the Charlottesville office of McGuireWoods LLP. He is licensed to practice law in Virginia and Washington, D.C.
Steve helps clients and families develop estate plans that navigate complex issues, including tax planning. He also advises fiduciaries and beneficiaries regarding the administration of estates and trusts, including modifying trusts, managing investments, and avoiding or litigating disputes.
He is an editor or contributor for a number of textbooks or other resources on the law of trusts and estates, including fiduciary income tax, trust and estate administration, Virginia trust and estate law, and domestic asset protection trusts. Steve is a lecturer in law at the University of Virginia School of Law, where he teaches “Trust & Estate Administration” and the advanced seminar “Estate Planning: Principles & Practice.” He has also served as an adjunct professor at the Washington & Lee University School of Law.
Steve is also the author of the podcast “Legacy Planning, Once Removed,” available on Spotify and at https://www.mcguirewoods.com/events/firm-events/2023/8/once-removed-series.
He received his J.D. and Ph.D. from the University of Virginia, where he was an editor of the Virginia Law Review and received the Ritter Award for “honor, character, and integrity.” He is a Fellow of the American College of Trust and Estate Counsel (“ACTEC”).
