Critical Elections for Trust, Gift and Estate Returns: Forms 1041, 709 and 706; GST, QTIP, 663(b), 645
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will explain the numerous elections available when preparing gift, estate and trust returns. Some elections are easily made but critical (gift-splitting, choice of year, Section 663(b)). Other elections require much more thought and expertise (GST allocation, QTIP election, Section 645). Either way, missing an election can be more than a missed opportunity, it can have a significant tax impact on the donees of a gift or beneficiaries of an estate or trust. Our panel will review the most common elections related to Forms 1041, 706 and 709, and discuss how and when each should be made.
Outline
- Fiduciary return elections
- 663(b)
- 645
- Fiscal year end
- Estate tax elections
- Portability
- QTIP
- Deducting expenses
- Gift tax elections
- GST
- Gift splitting
Benefits
The panel will review these and other important issues:
- Making the 65-day election under Section 663(b)
- How and when to allocate GST exemption
- How to utilize a deceased spouse's ported exemption
- The benefits of combining returns under Section 645
- Filing Form 706 to elect portability
Faculty

Jonathan L. Grob
Atty
McGrath North Mullin & Kratz
Mr. Grob helps his clients structure their transactions, operations and wealth transfers in a tax-efficient way, while... | Read More
Mr. Grob helps his clients structure their transactions, operations and wealth transfers in a tax-efficient way, while also minimizing exposure to unnecessary liabilities. His practice focuses on federal and state tax planning and advocacy, business succession, estate planning, charitable giving, probate and trust administration, business entity formation and reorganization, structuring and implementing executive compensation arrangements and employee benefits. Mr. Grob is the Chair of the firm’s Tax and Estate Planning Practice Group and has previously served as an Adjunct Professor at Creighton University School of Law.
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Christine G. Pronek
Partner
O'Connor Davies
Ms. Pronek is an Estate and Trust Partner with over 15 years of experience in public accounting and 3 years with the... | Read More
Ms. Pronek is an Estate and Trust Partner with over 15 years of experience in public accounting and 3 years with the Internal Revenue Service. She has experience in all areas of taxation, including corporate, individual and partnerships. A recognized industry expert, Ms. Pronek’s areas of specialty are estate and trust planning, estate, trust and gift compliance, individual income tax, and foreign financial reporting. For the last 10 years her knowledge on the trust, estate and gift area has led her to be a guest speaker on these topics for various professional organizations.
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