1. What is the Generation-Skipping Transfer Tax (GSTT), and why does it exist? 2. In what sense are the estate and gift taxes “unified”? 3. How is life insurance treated for income tax and estate tax...

1. What is the Generation-Skipping Transfer Tax (GSTT), and why does it exist?

2. In what sense are the estate and gift taxes “unified”?

3. How is life insurance treated for income tax and estate tax purposes? Can estate taxation on life insurance proceeds be avoided? If so, how?

4. What are constructive sales, and why is Congress worried about them?

Q243;

5. Under what circumstances is it more tax advantageous to give to charity during your lifetime rather than on bequest? What nontax factors might influence your decision?

6. What are family limited partnerships (FLPs), and how are they used as a tax-planning strategy?

7. Apart from the exclusion equivalent, should tax planners recommend that all estate assets be transferred to the surviving spouse, if the goal is to transfer resources to successive generations? What nontax issues arise in the planning problem?