Are You Reporting GST Allocations, IDGTs, GRATs
and Defined Value (or Other Formula) Clauses
on Form 709 Correctly?
If not (or if you’re unsure), you may be exposing your clients to significant penalties!
Although you may regularly prepare Form 709s (federal gift tax returns), these are more advanced level reporting issues that you may not be familiar with - - and you need to know.
That’s why we’ve asked nationally renowned CPA and tax expert Robert S. Keebler CPA/PFS, MST, AEP (Distinguished), CGMA, to address these special issues in a 90 minute presentation.
On this call, Bob will show you:
- How to be sure you clearly and fully understand the key Generation Skipping Transfer Tax (“GST”) terms
- “Direct Skips”
- “Double Skips”
- “Skip Person”
- “Taxable Distributions”
- “Taxable Terminations”
- How to properly report GST planning on the Form 709
- The difference between automatic allocation, timely and late allocations and “ETIP” allocation
- The predeceased parent rule
- Dynasty Trusts
- Spousal limited access trusts
- Irrevocable Life Insurance Trusts
- IDGTs (including sales)
- Freeze partnerships
- Split-dollar insurance
- Acquisition of non-GST exempt trusts by GST exempt trusts
- GST adjustments to existing trusts and “Qualified Severances”
- How to properly report Defined Value and Related Formula Clauses in the Form 709
- How recent case law has changed this
- What to attach to or include in the return (or not)
- How to meet the “Adequate Disclosure” Requirements
- What constitutes “Substantial” Compliance
- How to avoid potential penalties
- And much more (including a sample completed Form 709)!