Gift Tax Fundamentals: Split Gifts, Skip Persons, Front-Loaded 529 Gifts, SCINs, Crummey Powers, Preparing Form 709
Recording of a 110-minute CPE webinar with Q&A
This course will explain the fundamentals of gift tax for advisers new to Form 709, and provide a review for seasoned professionals wanting to brush up on the specifics of gift transfers. Our panel of experts will explain when gift tax returns should be filed, skip versus non-skip persons, and the preparation of Form 709. The speakers will review reporting considerations for the most frequently made gifts, including life insurance transfers and premiums, self-cancelling installment notes (SCINs), Crummey powers, and front-loaded IRC 529 contributions.
- Transfers by gift
- The lifetime exemption
- The annual exclusion
- Educational, medical, and charitable gifts
- Skip and non-skip persons
- Filing requirements
- Filing when not required
- Reporting common gifts
- Life insurance
- Crummey powers
- Front-loaded Section 529 contributions
- Splitting gifts
- Preparing Form 709
The panel will review these and other important issues:
- What is a taxable gift?
- What is a reportable gift?
- When should Form 709 be filed, even if not required?
- What are Crummey powers?
- How to prepare Form 709 for common gifts
Gregory L. Allison, JD, CPA/PFS, CFP®
Schneider Downs & Co.
Mr. Allison focuses on estate and succession planning for business owners, executives, and high-net-worth individuals.... | Read More
Mr. Allison focuses on estate and succession planning for business owners, executives, and high-net-worth individuals. He frequently advises
clients in the automotive, oil and gas, transportation, construction and real estate industries. He also assists clients with researching, understanding and planning through complex tax issues impacted by multiple aspects of federal and state tax laws. Mr. Allison is also responsible for the preparation of annual income tax returns for estates and trusts in addition to the preparation of gift tax returns, federal estate tax returns and state inheritance tax returns.
Melanie M. LaSota, CPA, JD
Director of Estate and Trust Tax Services
Ms. LaSota specializes in estate and succession planning for owners and executives of closely held businesses, which... | Read More
Ms. LaSota specializes in estate and succession planning for owners and executives of closely held businesses, which include automobile dealerships, real estate entities, construction companies, manufacturing companies and service providers. She has more than 20 years of experience advising clients on transferring wealth to succeeding generations and then implementing the agreed-upon plans. Ms. LaSota is also responsible for the administration of trusts and estates, including the preparation of the annual income tax returns and the preparation of the federal estate and state inheritance tax returns.Close