Estate and Gift Tax Optimization: Mastering Forms 706 & 709
From: $119.00
Date: April 11 , 2025
Time: 1pmET | 12pm CT | 11am MT | 10am PT
Duration: 120 Minutes
Description:
Navigating the complexities of estate and gift tax reporting can be daunting. Forms 706 and 709 are crucial tools for understanding how estates and gifts are taxed, as well as for ensuring compliance with the Internal Revenue Service (IRS).
This CE course delves into the unified gift, estate, and generation-skipping transfer (GST) tax system, covering essential topics such as portability, the Deceased Spouse Unused Exemption (DSUE), and the basics of GST. Whether you’re preparing estate tax returns, managing gifts, or working with trusts, mastering these forms is essential for tax professionals and fiduciaries alike.
We’ll break down the key elements of Form 709 (Gift Tax) and Form 706 (Estate Tax), including the various schedules, rules, and reporting requirements. You’ll explore key issues such as the mechanics of gift splitting, the gift tax computation process, and the distinction between present and future interest gifts. Additionally, we’ll discuss upcoming changes to tax rates and exemptions, effective January 1, 2026, after the sunset of the Tax Cuts and Jobs Act.
Major Topics:
Statutory framework of the Estate Tax
Sample Form 706 and related schedules
Changes to Form 706
Basic GST principles and examples of GST reporting
Review of a sample Form 706 with a DSUE election
Post-mortem tax planning
Learning Objectives
Understand the basic framework of the Estate Tax system.
Familiarize yourself with the different sections of Form 706 and its various schedules.
Learn how to navigate Form 706 effectively for accurate filings.
Understand the Deceased Spousal Unused Exemption (DSUE) and its application.
Explore how to manage “Portability” and ensure timely (or untimely) filings.
Identify special valuation rules that can minimize a decedent’s overall estate tax liability.
Analyze post-mortem tax planning strategies and opportunities.
