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Federal Estate and Gift Taxation

Elective Course

Federal Estate and Gift Taxation addresses the workings and planning aspects of the federal estate and gift tax.  A taxpayer may make aggregate lifetime taxable transfers of up to $ 5 million (as that amount is indexed for inflation) without incurring an estate or gift tax liability.  Absent tax planning, a tax of up to 40% is imposed on each dollar transferred in excess of that basic exclusion amount.  Thus, the estate and gift tax impacts many high wealth individuals including closely held business owners, entrepreneurs, farmers and ranchers.  Students taking the course will become conversant in the various planning strategies available to minimize or eliminate imposition of the federal estate and gift tax.  In addition to an open book final examination, students will complete two “group” drafting assignments and a federal estate tax return.  A basic knowledge of federal estate and gift tax implications is important to lawyers who have a general business or tax practice.   It is a must for estate planners.