Webinar: Death Taxes: Estate, Inheritance, Gift, and Capital Gains Taxes Explained by ALFI

Presenter

Jake Polivka

Estate Director

Jake Polivka is the Estate Director at Frost Law and is equipped with a strong foundation in Estate & Trust Planning and Administration. A graduate of the University of Maryland Carey School of Law and University of Maryland, College Park, Jake is well-versed in navigating the complexities of estate planning. He is licensed to practice in Maryland and the District of Columbia. His commitment to the community is evident through his involvement with the Maryland Pro Bono Resource Center's Estate Planning clinic and membership in the Baltimore Estate Planning Council.

About

Program Field of Study: Taxes/Federal Tax Related Matters
Program Level: Basic
Credits: 1 CPE | 1 CE
Advanced Preparation: None
Prerequisite: None

This session provides a practical overview of the taxes that affect the transfer of wealth during life and at death (the so-called "death taxes"): the federal estate tax, state inheritance taxes, the federal gift tax, the generation-skipping transfer (GST) tax, and capital gains taxation of inherited and gifted property. Attendees will learn how these regimes interact, where common planning pitfalls arise, and how recent developments affect advising clients.

Agenda

Distinguish among the federal estate tax, state inheritance taxes, the federal gift tax, the generation-skipping transfer tax, and capital gains tax, and identify which parties bear the burden of each.
Explain how the lifetime gift and estate tax exemptions coordinate under the unified credit, and analyze the consequences of lifetime gifting versus transfers at death.
Describe the purpose and mechanics of the generation-skipping transfer tax, including how the GST exemption is allocated and when the tax applies to direct skips and trust distributions.
Evaluate the income tax implications of transferred property, including the step-up in basis at death under IRC §1014 versus carryover basis for lifetime gifts under IRC §1015.
Apply these principles to identify planning opportunities and common pitfalls when advising clients on wealth-transfer strategies.