Life's Two Certainties: An Estate and Gift Consulting Case

Abstract

This case requires students to perform the work of a partner in a private wealth practice, presenting a client with a comprehensive estate and gift tax plan. Employing three separate fictitious clients representing people with varying estate planning needs, the case requires students to consider multiple issues, both tax and non-tax. Estate and gift tax planning is different from income tax planning because of the impact of specific non-tax factors, such as family dynamics and fears and unknowns related to death. To develop a comprehensive estate and gift tax plan for their client, students must incorporate course topics and apply them to their particular fact pattern. This case furthers students’ understanding of the interplay between estate and gift tax rules, develops their ability to generate relevant questions, exposes them to client dynamics, and cultivates critical thinking skills in the context of estate and gift tax planning.

Keywords: estate tax; gift tax; tax planning