Are we heading to the cliff again? 2020 is shaping up as another banner year for gift tax returns given the election uncertainty. This presentation will provide guidance on reporting the latest estate planning techniques including defined value clauses, SLATs, gift splitting, intra-family notes, transfers of insurance policies and FLPs, after the Powell case. The presenters will include updates gleaned from several recent Office of Appeals negotiations, including the IRS’s aggressive application of Section 2703. The 706 portion of the presentation will address how to optimize portability, solve sticky valuation issues involving family business and legacy assets, Form 8971 and estate tax deductions.
Identify gift and estate tax compliance matters that require special attention
Determine how to best limit audit risks with 709 and 706 preparation