Gift tax returns are simple, why are you saying it will be so involved?

May 19, 2023

Clients view gift tax returns as pretty simple projects and don’t understand the cost, complexity, need for involving other advisers, etc. That misconception can hinder an adviser trying to prepare a gift tax return properly. Understanding the myriad of complexities and nuances in properly reporting transactions on gift tax returns, what to report and not report, how to report, what phraseology to use, etc. is critical to preparing the gift tax return properly. That knowledge can also help explain to clients why the return is more involved, and help preparers do a better job. What documentation should be attached to the return to toll the statute of limitations by meeting the requirements for “adequate disclosure?” What additional disclosures are required if the client does not have a qualified appraisal? What types of elections might be made for GST tax? How might you allocate GST when there are multiple trusts involved? Late allocation disclosures? How might you report a note sale, sale with a King price adjustment note, Wandry clause, double Wandry and more? This presentation will provide practical guidance to help practitioners better address gift tax issues. Even if you will never prepare a gift tax return, the topics discussed will help you do a better job advising clients on complex estate plans and implementing those plans.   Speakers: Martin Shenkman, Esq. and Joy Matak, Esq. of Sax LLP.   *This may constitute attorney advertising. * No CPE, CLE, etc. is offered but a certificate of attendance will be provided.