Gift and Estate Tax Returns

This program will provide a comprehensive overview of gift and estate tax returns, focusing on IRS Forms 709 and 706. Designed for tax attorneys, CPAs, estate planners, and financial advisors, the course will explore the intricacies of reporting gifts, valuing assets, and calculating estate taxes.

Led by Dr. Bart A. Basi, Senior Advisor at The Center for Financial, Legal, and Tax Planning, participants will gain insights into the nuances of gift tax reporting, estate valuation, and portability elections. The program will benefit practitioners advising clients on wealth transfer strategies and estate administration. Through a detailed examination of form structures, filing requirements, and valuation methods, attendees will learn effective techniques for accurate reporting and maximizing tax advantages for their clients.

Learning Objectives:

1. Analyze the filing requirements and exceptions for gift tax returns (Form 709), including the concept of adequate disclosure, to ensure proper compliance and minimize audit risk
2. Evaluate estate tax return (Form 706) filing obligations and strategies for accurately reporting and valuing estate assets, including complex assets requiring professional appraisals
3. Apply knowledge of portability elections and the deceased spousal unused exclusion (DSUE) to optimize estate tax planning for married couples
4. Differentiate between estate tax returns and income tax returns for estates and trusts (Form 1041) to ensure proper reporting of post-death income
5. Develop comprehensive strategies for gift and estate tax planning, incorporating an understanding of exclusion amounts, valuation techniques, and potential tax-saving opportunities