Category Archives: Gift Tax Planning

With little Congressional interest in increasing the $1 million lifetime exemption, familiarity with gift tax is important in estate planning. This seminar will first consider legal requirements for a completed gift. Filing requirements will then be reviewed. Gifts exempt from the gift tax, gifts for which a deduction is available, and split gifts will be discussed. Current valuation issues will be examined in connection with determining the value of gifted assets. The importance of expert appraisals and adequate disclosure will be emphasized. Penalties, deficiencies and preparer penalties will be reviewed, as will issues involving compliance, collection and liens. The relationship with the estate tax will be analyzed. Finally, a completed Form 709, illustrating concepts presented, will be studied in detail.
The Federal Gift Tax Return Form 709: Tax & Legal Issues

1. Nature of gift tax; filing requirements; extensions; bond 8. Valuing gifts of real estate & closely held companies
2. Whether to file if uncertain as to whether gift complete 9. Valuation discounts and adequate disclosure
3. Statute of limitations on assessment and collection 10. Importance of expert appraisal; preparer penalties
4. Annual exclusion gifts; reciprocal transfers; minors 11. Penalties, interest, liens and transferee liability
5. Exempted transfers: political, educational & medical 12. Assessment, deficiencies & collection; basis issues
6. Gifts to spouses and marital deduction; charitable gifts 13. Relationship with the Estate Tax; “gross up” rule
7. Split gifts: manner and time of consent, liability issues 14. Review of completed Form 709 gift tax return Continue reading →