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 course 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 to make each.
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

Jeremiah W. (Jere) Doyle, IV
Senior Vice President
Bank of New York Mellon
Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their... | Read More
Mr. Doyle provides clients with integrated wealth management advice on how to hold, manage and transfer their wealth in a tax efficient manner. He is the editor and co-author of Preparing Fiduciary Income Tax Returns, a contributing author of Preparing Estate Tax Returns and Understanding and Using Trusts and a contributing author of Drafting Irrevocable Trusts in Massachusetts. He is a lecturer in law in the Graduate Tax Program at Boston University School of Law.
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Jonathan L. Grob
Attorney
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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CPE credit is not available on downloads.
CPE On-Demand