Form 709:
Simple & Easy?

Preparing gift tax returns (Form 709s) certainly seems relatively simple, especially when compared to 1040 or 1041 income tax returns.

But watch out!

There are lots of traps for the unwary.  And if you fall into any of them, you’ll face a lot of liability risk - - not so much because of a gift tax audit in the next couple of years - - but rather when the client dies many years from now and a mountain of penalties and interest may have accrued (or tens or hundreds of thousands more in estate taxes may be owed)!

Whether it’s the first time you’re completing a Form 709 or you’re an experienced preparer, you’ll want to avoid the unseen traps by joining us and nationally renowned tax expert, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA for a straightforward, line-by-line examination of the 709, entitled “Properly Preparing the Form 709 (Gift Tax Return)”.

On these two 90-minute presentations, Bob will address in-depth, such key issues as:

  • When should clients file returns but don’t? (You may be missing revenue you should be earning!)
  • When should you claim annual exclusions for gifts into trusts and file Crummey notices?
  • How do you report the use of a deceased spouse’s portable exemption amount (“DSUEA”)?
  • What should you (or shouldn’t you) be disclosing on the return?
    • What constitutes “adequate disclosure” so you can “toll” the statute of limitations?
    • Should Installment Sales, Loans and Private Annuities be reported? How?
    • How do you report split-interest gifts like GRATs, QPRTs, and CRTs?
    • What about front-loaded 529 plans?
  • What backup should you provide for valuations and valuation discounts?
  • What should you do about a whole range of GST (generation skipping tax) issues?
  • Who are “Skip persons” versus “non-skip persons”?
  • What are “Direct skips” versus “indirect skips”?
  • Annual GST exclusion and lifetime GST exemption amount
  • Automatic allocation rules
  • When do you allocate the lifetime GST exemption amount to “indirect skips”?
  • How does late allocation of the lifetime GST exemption amount work?
  • Calculation of the “inclusion ratio”
  • Splitting trusts into GST and non-GST shares via “qualified severance”
  • And much, much more!

This is a great opportunity to not only upgrade your own skills, but for you to quickly and easily train your staff!

VALUABLE UPGRADE

If you or your staff, who will be preparing 709’s, don’t fully know and understand the key basics of lifetime gifting as an estate planning technique, you’ll just be robotically filling out forms - - and more likely to make errors.  Plus, if you do learn the basics of gifting, you’ll be better able to advise your clients.

That’s why we are making available the exact same training that nationally renowned estate planning attorney, Phil Kavesh, gave to his law firm associates, side-by-side with them listening to Bob’s 2-part presentation.  This additional 90-minute recording (with downloadable PDF transcript) is both unique and invaluable, covering such crucial gift planning components as:

  • The 6 biggest reasons gifts make sense
  • The 5 situations where gifts don’t make sense!
  • “Hidden” gifts to watch out for
  • When a gift is considered “completed”
  • The 5 different ways to make gifts
  • The effect of recent laws on gifting (as well as the “old” overlooked 3 year and 1 year of death rules and “step transaction” rule)
  • How gifting (and the 709) need to properly fit into the clients’ overall estate plan (and the 706)
  • How to develop an internal gift planning checklist
  • As well as further commentary on technical topics covered by Bob!

This unusual training upgrade, which is not available individually, may be secured by you for only an additional $199 $100!  With this upgrade, you’ll have a complete gift/709 training package!  Once you add Bob’s 2-part series to your cart, you will have the option to add this incredibly valuable upgrade!

  • Program Title: Properly Preparing the Form 709 (Gift Tax Return)
  • Speaker:
  • Duration: 90 Minutes

Robert S. Keebler

CPA/PFS, MST, AEP (Distinguished), CGMA
Robert S. Keebler

Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA 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 Planning Counsels. 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 150 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 a member of the editorial board of the Society of Financial Service Professionals “Keeping Current” series. He is a featured columnist for CCH’s Taxes Magazine – “Family Tax Planning Forum,” Steve Leimberg’s “News of the Week Newsletter” and the Bureau of National Affairs Tax Division. Bob also had his article “Is That Your ‘Final’ Answer?” published in Tax Management Compensation Planning Journal. Bob frequently is quoted in national publications such as New York Times, Chicago Tribune, Baltimore Sun, Barrons, Bloomberg Wealth Manager, Financial Advisor, Forbes, Kiplinger, Lawyer’s Weekly, On Wall Street, The Wall Street Journal, USA Today, Wealth Manager and Worth in addition to many local and regional newspapers.

He is a frequent speaker for legal, accounting, insurance and financial planning groups throughout the United States at seminars and conferences on advanced IRA distribution strategies, estate planning and trust administration topics including the AICPA’s Advanced Estate Planning, Personal Financial Planning Conference and Tax Strategies for the High Income Individual Conference.

Mr. Keebler graduated (cum laude) from Lakeland College with a degree in Accountancy and the University of Wisconsin – Milwaukee with a Masters in Taxation. Before practicing in Northeastern Wisconsin, he practiced with Price Waterhouse where he concentrated in taxation.

IMPORTANT NOTICE REGARDING CE CREDIT

The Ultimate Estate Planner, Inc. and the presenter are not registered Continuing Education Sponsors and this program is not pre-approved for continuing education credit for any state or regulatory agency.

However, please note that each program includes a Certificate of Completion and, depending on the license and the regulatory agency for which governs a participant’s CE credit, some professionals may be able to self-report his or her participation and receive credit. It is the responsibility of the participant to complete any process necessary to seek self-reported CE credit for his or her participation. By registering for a teleconference (or purchasing on On-Demand program), you understand that CE credit is not guaranteed or warranted by the presenter or The Ultimate Estate Planner, Inc.

Reviews

  1. Raymond Young

    Excellent material. Would suggest a broader outline of presentation, such as one might receive at a conference, to use as a reference.

    • Amanda McCarthy

      Thank you, Raymond, for your feedback. We will definitely take your suggestion into consideration. Our handout materials are designed in a note-taking friendly format so that you can take notes right on the slides. This is one of the main reasons why we have not moved to a webinar format for educational programs. We are glad you enjoyed the program and please let us know if there is anything else we can do to assist you!

  2. Patricia Spragg, CPA

    Well organized and good presentation skills!

  3. John Ozaeta, CPA

    Excellent job on this topic!

  4. Patty Trick, CPA

    Thank you for this great presentation, Bob! 10 out of 10 for both sessions!

  5. Rosemary Hernandez, CFP, EA

    Very smooth presentation. This was terrific!

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