Gift and Estate Taxation
Spring 2015
MassachusettsSchool of Law
Professor McLellan
(978) 475-2400
Casebook (Required Text): Campfield, Dickinson, Turnier, Taxation of Estates, Gifts and Trusts (24th Edition 2012) IBSN: 978-0-314-20279-6
Internal Revenue Code: Any version that includes the gift, estate, and income tax code sections and regulations that we will be covering in class. One suggestion isFederal Transfer Taxes Code and Regulations by Kevin Yamamoto, version 2012, 2013 or 2014.
Course Description:
This course is an in-depth study of the federal gift and estate tax system and will touch on important taxation issues that arise in the context of providing estate planning legal services. You will learn about the definition and treatment of lifetime gifts including gifts of property and insurance, gifts to minors, outright gifts, and gifts to trusts. You will learn about the tax treatment, tax reporting, and valuation of estates and post mortem transfers and the generation-skipping transfer tax. The course will explore the tax rules regarding transfers that involve discounts, freezing techniques, or that are specifically excluded from the gift and estate tax and which provide the basis for many sophisticated estate planning techniques. This course also touches on income taxation issues that arise in the setting up and administration of trusts and estates.
There will be a written projectand presentation which will challenge you to come up with a solution to a realistic estate planning problem and will constitute 20% of your grade. There will be a midterm exam on the Gift Tax and will constitute 30% of your grade. The final exam represents the remaining50% of your grade. Attendance and participation are mandatory aspects of this course.
PLEASE NOTE: The syllabus is merely used as a guide as to what we will cover in each class. During the semester, we may be a bit ahead or a bit behind. The syllabus may be revised later in the semester depending on the pace of the class and any changes that may occur in the law over the course of the semester.
Date Chapter(s)Description
Jan. 201Orientation
Jan. 222 & 3Gifts- Introduction and What Constitutes a Gift?
Jan. 273Gifts continued
Jan. 294When a Gift Occurs
Date Chapter(s)Description
Feb. 35 & 6Powers of Appointment andDisclaimers, begin Ch. 7
Feb. 57Exclusions and Deductions, Gifts to Minors
Feb. 108 & 9Gift Tax Returns and Valuations- IRS Form 709
Feb. 1211Discounts (p.199-230, 244, 248-252)
Feb. 1712Retained Interests and Value Freezes
Feb. 1915Gift Tax Topics Reviewed and Estate Tax- Property Owned
Feb. 24MIDTERM EXAM
Feb. 2616Joint Tenancies
March 317Life Insurance
March 618Retained Life Estates
March 1018Retained Life Estates (continued)
March 1219Retained Powers
March 16-21SPRING BREAK- NO CLASS
March 2420 & 21Reversions, Annuities & Retirement Benefits
March 2622Powers of Appointment
March 31 23 & 24Transfers within 3 Years of Death and Consideration
April 225 & 26Expenses and Charitable Bequests
April 727Marital Deduction
April 927Portability and Marital Deduction Formulas (continued)
April 1428Estate Tax Credits and Filing the Return- IRS Form 706
April 1629Generation-Skipping Transfer Tax (GSTT)
April 2131 (in part)How to Identify a Grantor Trust and Why is it Important?
April 23Project Presentations
April 28Project Presentations
April 30Review for Final Exam