Portability of Gift and Estate Tax Exemption: Planning Considerations, Forms 706 and 709, Missed Election Relief
Recording of a 90-minute CLE/CPE video webinar with Q&A
This CLE/CPE webinar will provide trusts and estates counsel and tax advisers guidance on key planning considerations for the portability of gift and estate tax exemptions. The panel will discuss making portability elections, available relief for missed elections, and the computation and reporting of a deceased spouse's unused exclusion change to the deceased spouse's unused exemption. The panel will also provide an overview of the issues that may arise regarding portability of gift and estate tax exemptions and completing Forms 706 and 709.
Outline
- Gift and estate tax overview: electing portability
- Estate, gift, and income tax savings
- Mechanics of election
- Deceased spousal unused exclusion
- Filing Form 706 solely to elect portability
- Calculating and reporting on Form 706 and 709
- Missed elections
- Impact of potential law changes on portability
Benefits
The panel will review these and other key issues:
- Potential estate, gift, and income tax savings when incorporating portability in an estate plan
- Mechanics involving elections for special consideration by counsel
- How to calculate deceased spouse's unused exclusion amounts per IRS guidelines
- Relief for missed portability elections
- Determining whether to recommend portability election
- How the anti-clawback regulations affect the estate exemption
- Reporting on Estate Tax Return Form 706 for a surviving spouse
- Reporting on Gift Tax Return Form 709 for a surviving spouse
Faculty
John Bunge
Partner
Holland & Knight
Mr. Bunge helps clients navigate the complex confluence of tax planning, business succession planning,... | Read More
Mr. Bunge helps clients navigate the complex confluence of tax planning, business succession planning, and estate planning, and seeks to find the most elegant solutions possible to reach their goals.
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Rebekah J. Tucker, CPA
Tax Manager
Anders CPAs + Advisors
As a tax manager, Ms. Tucker works with individuals and privately-held businesses on tax planning and compliance.... | Read More
As a tax manager, Ms. Tucker works with individuals and privately-held businesses on tax planning and compliance. She helps individuals and families with year-end tax planning, as well as filing individual tax, trust and estate tax returns. Ms. Tucker also works with businesses in a variety of industries, including real estate developers, construction contractors, food and beverage clients, restaurants and craft breweries. She is a member of the firm’s CARES Act and Response Team. Ms. Tucker helps clients work through the latest legislation on COVID-19 relief, including the Paycheck Protection Program. She supervises the Anders team that partners with KSDK on viewers stimulus and unemployment questions related to the pandemic.
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