Estate & Gift Tax Law and Planning

Catalog description

This course primarily involves a study of federal gift and estate transfer taxes imposed by Chapters 11 and 12 of the Internal Revenue Code and the practical strategies that taxpayers employ to reduce these tax liabilities. We begin with an overview of the wealth transfer tax system and a general consideration of relevant policy issues. We next study the tax treatment of lifetime donative transfers and the gift tax, and applicable tax planning strategies. The course then surveys the tax treatment of transfers that are included in a decedent's "gross estate" for federal estate tax purposes, as well as the deductions and credits available to reduce estate tax liability, and applicable tax-planning strategies. Throughout the course, students will use problems as a means for learning applicable tax laws and analyze and draft documents that lawyers commonly use to create effective and intent-fulfilling estate plans. Appropriate policy and ethical issues associated with wealth transfer taxation are discussed throughout. Federal Income Taxation I (Basic) ( LAW 651 ) is a prerequisite for this course. Wills, Trusts & Estates ( LAW 701 ) is a co-requisite (or may be taken prior to enrolling in this class). Students who have taken Estate Planning ( LAW 700 ) or Federal Estate and Gift Taxation ( LAW 702 ) are not eligible to take this class.