LAW-2165 Estate and Gift Taxation
This course will introduce the fundamentals of the federal tax on the transfer of wealth by gift, devise, bequest, and inheritance, including the historical and policy perspectives, the interaction between the estate and gift tax, current and changing aspects of the law, and the application of the transfer tax in practice. The course will review the rules for taxing various transfers of property, including the implications of owning property as joint tenants, transfers to trust involving interests and powers retained by the transferor, the treatment of life insurance proceeds, the effects of holding general and special powers of appointment, and certain transfers made within three years of death. Students will learn about deductions allowed in determining the amount of transfers subject to estate tax, particularly the marital deduction. The course will analyze valuation of property issues, including recent case law relating to securing valuation discounts for transfers of interests in family limited partnerships.