Gifts With Purpose: Decoding the Types of Testamentary Gifts and Their Consequences

This presentation is intended to provide attorneys, whether acting as professional fiduciaries or advising them, with an overview of issues related to satisfying certain types of gifts, to support the proper and efficient administration of an estate or trust. This presentation will initially explain and illustrate the different types of gifts. Next, the presentation will summarize what the donee receives in addition to the gift itself, if anything, such as income or interest. Third, the presentation will discuss the tax ramifications of satisfying the different types of gifts, including which gifts carry out distributable net income (DNI) of an estate or trust, marital deduction issues, and the generation-skipping transfer tax consequences of certain gifts.