Complex Gift Reporting on Form 709: GRATs, Business Interests, Crummey Trusts, CLTs and CRTs, and QPRTs

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, August 20, 2020

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will guide practitioners through reporting of more complicated gifts, including examples of how gratuitous transfers made under common estate planning strategies should be reported and disclosed on Form 709. Our expert panel will discuss in detail the reporting of gifting to GRATs, Crummey trusts, charitable trusts, and QPRTs, gifts of business interests, GST implications of these gifts, and other details regarding asset transfers.

Description

Generally speaking, gifts to trusts are not present interest gifts and do not qualify for the annual exclusion. However, with proper reporting, transfers to Crummey trusts can be eligible as present interest gifts. Transfers to GRATs may not appear to require gift reporting if the remainder value of this gift is zero, however, correctly reporting and disclosing this transfer starts the statute of limitations running on IRS review of the transfer. With split interest gifts such as CLTs, CRTs, and QPRTs, there is normally a component of the transfer that is considered a gift, requiring 709 reporting. And gifting of privately held business interests is also complex.

No aspect of gift tax reporting is simple, but one of the most confusing elements is deciding whether to apply GST exemption to a gift, and if so how to report it properly. Once determined, the choice must be appropriately disclosed and included with Form 709.

Simply filing Form 709, Gift Tax Return, may not be enough. Preparers must meet adequate disclosure requirements to toll the statute and prevent revaluation of completed gifts.

Listen as our panel of gift tax return experts walks you through the actual preparation of Form 709, Gift Tax Return, for common but complex gratuitous transfers.

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Outline

  1. Overview
  2. Gifts to Crummey trusts
  3. Gifts of privately held business interests
  4. Transfers to GRATs
  5. Gifts to QPRTs
  6. Gifts to charitable trusts (CRTs and CLTs)
  7. GST exemption allocations for trust gifting
  8. Other reporting issues
  9. Adequate disclosure

Benefits

The panel will review these and other critical issues:

  • Where and how to report transfers to Crummey trusts, GRATs, QPRTs, CLTs and CRTs on Form 709?
  • What are the reporting considerations for the transfer of a business interest?
  • How is a GST election disclosed on a gift tax return and best practices for making disclosures?
  • What are best practices to ensure adequate disclosure compliance?

Faculty

Boncher, Michael
Michael Boncher, CPA

Senior Manager, Tax
Cohen & Company

Mr. Boncher is a member of the firm’s High Net Worth specialty practice. He has 14 years of experience in public...  |  Read More

Swain, Scott
Scott Swain, CPA, CFA, CFP®, MT

Partner
Cohen & Company

Mr. Swain has more than 25 years of experience working in the accounting and financial services industries, including...  |  Read More

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