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

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

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Wednesday, June 28, 2023

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

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This course 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, 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 what are best practices for making disclosures?
  • What are best practices to ensure adequate disclosure compliance?

Faculty

Fukuto, Erin
Erin Fukuto, CPA, MST
Partner
Raimondo Pettit Group

Ms. Fukuto heads the firm’s estate, gift, and trust services. She specializes in income tax and estate planning...  |  Read More

Jones, Paul
Paul W. Jones, CPA
Attorney
Hale & Wood

Mr. Jones's practice deals with a broad range of expatriate tax, international tax, 1031 exchange and similar...  |  Read More

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