Get Expert Tips and Tactics for Preparing Estate and Gift Tax Returns
Form 709, Federal Gift Tax return and Form 706, Federal Estate Tax return, are key parts of any practice involving estate planning and wealth management. There have been many recent tax law changes that impact these two returns and practitioners who've not prepared one of these returns in recent years must understand the latest changes to file these forms accurately. Form 706 runs more than 25 pages and has more than 15 schedules and the recent implementation for portability has offered some simplification but has, at the same time, created new layers of complexity in approaching both gift and estate planning considerations.
Many taxpayers made gifts in the last year to transfer substantial assets at little to no federal gift tax cost to take advantage of the significant federal gift tax exclusion. Proper compliance with the complex gift tax rules remains necessary to protect and preserve the advantage of the current exclusion levels. In this convenient and timely full-day online CPE seminar (8 hours CPE credit), noted estates and trusts practitioner, author and educator, Steven G. Siegel, J.D., LL.M., will first walk participants through the Form 709 and how gifting strategies can work as part of your clients' estate plans.
In the second half of this program, Mr. Siegel will provide an overview of the basic concepts and issues of estate taxation, the impact of new developments on estate taxes and filing estate tax returns, including portability — and then give you a helpful schedule-by-schedule review of what must be done to accurately complete the Form 706.
Speaker: Steven G. Siegel
Program Topics
PART I: Hot-Button Issues When Preparing Form 709 Federal Gift Tax Returns for Your Clients
- Transfers Subject to the Gift Tax
- Transfers That Are Not Subject to the Gift Tax
- Exclusions from the Gift Tax
- Gift-Splitting by Spouses
- Available Gift Tax Deductions
- Understanding How Portability Works and the New DSUE Calculation
- Valuation of Gifts
- Avoiding Gift Treatment by Using Disclaimers
- Statutes of Limitations and the Adequate Disclosure Rules
- Preparing Form 709
PART II: How to Prepare the Federal Estate Tax Return, Form 706
- Is a Federal Estate Tax Return Required?
- Understanding How Portability Works and the New DSUE Calculation
- Addressing the "Simplified" Form 706
- Estate Taxes after the 2010 Tax Relief Act and Impact on 2014 Deaths and Filing Estate Tax Returns
- Due Dates and Extensions - Forms to File
- Preparing Form 706 Asset Schedules A through I
- Use of the Alternate Valuation Date
- Preparing Form 706 Deduction Schedules J through U
- Preparing Form 706 Schedules R and R-1: Generation-Skipping Transfer Tax
- Completing the Return
- Installment Payment of Tax Election: Section 6166