A basic overview of the federal transfer taxes (gift, estate, and GST) and their relationship to the income tax, particularly through basis.

This presentation provides an introductory overview of the federal gift tax, with an emphasis on the rules and practical issues attorneys are most likely to encounter. The presentation will begin by explaining the basic structure of the federal gift tax and what constitutes a taxable gift. It will then address commonly applicable exclusions, deductions, and credits, including the annual exclusion, the exclusion for certain tuition and medical payments, the marital deduction, and the unified credit. The presentation will also discuss the valuation of gifts, gift-tax reporting requirements, and potential interest and penalties associated with noncompliance. Additional topics will include qualified disclaimers, the special five-year election for contributions to 529 plans, and other selected gift-tax planning and reporting considerations.

Covers key aspects of the federal estate tax, including the unified credit, portability, the marital deduction, and the charitable deduction.

Overview of the federal transfer tax filing requirements, including Form 709, when a Form 706 is required, reporting and valuation requirements, filing deadlines, and portability of the deceased spouse's unused exclusion (DSUE), and QTIP and QDOT elections.

Addresses ethical and professional requirements in giving tax advice, with a particular focus on Circular 230 and standards relating to written tax advice, including discussion of some thorny client issues.