Properly Preparing the Form 706 Estate Tax Return Series (Including Portabliity Issues)
Since the early 2000s, the estate tax burden on taxpayers has gradually decreased along with the number of practitioners specializing in the field. Nevertheless, some of your most wealthy clients will owe estate tax and this issue will eventually be thrust upon you. Finding an affordable, competent specialist who you trust to work with you and your client may be difficult. Learning the basics of the tax and how to complete the Form 706 will give you confidence to help your clients navigate that difficult time. In his exclusive LISI Webinar, Bob Keebler will review:
· Changes to the IRS Form 706;
· Sample Completed 706
· Framework of the Estate Tax – A Statutory Overview
· Community Property and Other Property Law Issues
· Litigation and Settlement Planning
· Protecting the Trustee and Personal Representative
· Post-mortem Tax Planning
· Presenting Income Tax Liabilities and Refunds
· Special Valuation Rules for Charity, AVD and More
· QTIP and Reverse QTIP Elections
· Understanding Common GST Issues
· Qualified Disclaimer Issues
· The Qualified Appraisal Issue
· Reviewing Appraisal and Valuation Adjustments
· How to successfully navigate the form
· The ins and outs of the “Portability” rules;
· How the portability rules actually work using common examples
· Filing Protective Claims Properly and Timely
· The Limitations of Form PC
· Substantial Authority and Reasonable Basis Positions
· Foreign Estate Tax Credits
· IRC Sections 6161 and 6166
· Interrelated Calculations and Traps for the Unwary
· Income tax consequences;
· Potential Penalties and How to Avoid
· How to avoid malpractice traps;
· Overlooked GST issues.
There will be no CE for this webinar
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