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The Mathematics of Portability: Taking Advantage of the Increased Exemptions to Ensure Optimum Planning for High Net Worth Clients.



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For purposes of federal estate and gift taxes, a portability election allows a DSUE ("deceased spousal unused exclusion") amount to become available for application to the surviving spouse's subsequent transfers during life or at death. In today’s climate of political and tax policy uncertainty, we may soon need to file more 706s if the estate and gift exemption sunsets or returns to $3,500,000. Knowing how and when to file for portability is a skill set required of all planners, as portability allows for a better income tax result for both IRAs and property that will receive a step-up in basis.

The has IRS issued numerous private letter rulings granting an extension of time to elect portability when the decedent's estate was not required to file an estate tax return. On June 9th 2017,  the IRS issued Revenue Procedure 2017-34 which describes the "simplified procedures" for estates requesting an extension of time to make a portability election. The simplified method can be used instead of the letter ruling process, and best of all, no user fees are required for submissions filed in accordance with the Revenue Procedure.

There' no better time than the present for advisors to refresh their understanding of the portability election and the new simplified procedures. To do that, be sure to join Bob Keebler in this exclusive 90-minute LISI webinar where Bob will cover the following topics:

. Knowing when and when not to file for portability including the GST aspects;

· Understanding the relief provided in Rev Proc 2017-34 and why this procedure is helpful;

· Who cannot use the new procedure;

· The two year portability rule;

· Obtaining estate tax refunds after portability filings;

· The mathematics of portability in depth including the GST issues;

· Portability for large and small IRAs;

. Portability versus the Bypass Trust after the Secure bill;

· Portability in second marriages and premarital agreements;

· Using portability for income tax planning.

 

 



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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH's magazine, Journal of Retirement Planning, and a member of CCH's Financial and Estate Planning Advisory Board. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals. In the past 20 years, he has received over 250 favorable private letter rulings including several key rulings of ""first impression."" Mr. Keebler is nationally recognized as an expert in estate and retirement planning and works collaboratively with other experts on academic reviews and papers, and client matters. Mr. Keebler is the author of over 75 articles and columns and editor, author, or co-author of many books and treatises on wealth transfer and taxation, including the Warren, Gorham & Lamont of RIA treatise Esperti, Peterson and Keebler/Irrevocable Trusts: Analysis with Forms. Mr. Keebler is the Chair of the AICPA's Advanced Estate Planning Conference. He is a featured columnist for CCH's Taxes Magazine - ""Family Tax Planning Forum,"" Bob is also a contributing author to the American Bar Association's The ABA Practical Guide to Estate Planning. Robert.Keebler@KeeblerandAssociates.com


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