In his webinar, Bob provides advisors with a refresher course on 2021 gift tax returns. This course reviews the critical gift and GST issues encountered when preparing federal gift tax returns, Form 709. We will discuss topics such as how to outline annual exclusion rules for gifts to trusts, including required Crummey notices and §2642(c) trusts; how to translate valuation reports; and justifying when to make disclosures on Forms 8275 and 8275R. This simply is a "must-see" webinar for all practitioners.

Learning Objectives:

• Identify QTIP elections on gift tax returns and recognize the need for timely filing


• Determine what you should disclose for purposes of running the gift tax statute of limitations


• Determine the reporting of family sales, installment sales to grantor trusts, SCIN sales, GRATs, QPRTs, and other split interests


• Recall how to classify valuation discounts for gifts of closely held businesses and reporting requirements


• Determine the utilization of generation-skipping transfer tax exemption and the related automatic allocation rules


• Outline the use of a deceased spouse’s unused exclusion exemption amount (DSUE)


• Identify when gift splitting is allowed, how to report correctly, and the risks associated


• Define adequate disclosure requirements, the statute of limitations, and reporting gifts to 529 plans


• Determine how to allocate GST exemption on large formula gifts and ETIP gifts


• Recall defined valued clauses, overflow clauses, and Wandry clauses