[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-301988-105":53,"doc-detail-301988-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","what-every-attorney-and-cpa-needs-to-know-to-prepare-and-review-gift-and-estate-tax-returns-part-1-workshop","WHAT EVERY ATTORNEY AND CPA NEEDS TO KNOW TO PREPARE AND REVIEW GIFT AND ESTATE TAX RETURNS - Part 1 - Workshop","","Workshop notes guide attorneys and CPAs through preparing and reviewing U.S. gift and estate tax returns, focusing on determining the correct filing requirement and the right forms (Form 709, Form 706, and related GST filings). It covers how to analyze prior returns, exemption usage, and when prior payment matters, plus timing rules and extensions. It emphasizes disclosure statements, statute of limitations, and penalties, then details annual exclusion, Crummey withdrawal rights, split-gift elections, and GST annual and lifetime exemption allocation, including late allocations and relief procedures.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/what-every-attorney-and-cpa-needs-to-know-to-prepare-and-review-gift-and-estate-tax-returns-part-1-workshop/301988/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/what-every-attorney-and-cpa-needs-to-know-to-prepare-and-review-gift-and-estate-tax-returns-part-1-workshop/301988.png","ImageObject",442,249,{"name":88,"@type":89},"Franzy","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-23","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":9},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"How should you determine the starting point before preparing gift or estate tax returns?","Question",{"text":108,"@type":109},"Analyze prior gift tax returns, identify the prior gift tax exemption and GST tax exemption used, check whether the deceased spouse had an unused exemption, and determine whether gift tax was previously paid.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"When are gift and estate tax returns required and what extension forms may apply?",{"text":113,"@type":109},"A gift tax return generally uses Form 709 due by 04/15 of the year after the gift; extensions may involve Form 4868 or 8892. An estate tax return uses Form 706 due nine months after death, with a six-month extension via Form 4768.",{"name":115,"@type":106,"acceptedAnswer":116},"What are Crummey rights and how do they affect annual exclusion planning?",{"text":117,"@type":109},"Crummey rights are withdrawal rights in a trust that can support qualification for the annual exclusion. The notes recommend reviewing the trust agreement to see whether the withdrawal right exists and how it may be limited, including using common structures such as a $5,000 or 5% threshold.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},301988,1790141736,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":47},2336478945519,"https://ap-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","WHAT EVERY ATTORNEY AND CPA NEEDS TO KNOW TO PREPARE AND REVIEW GIFT  \nAND ESTATE TAX RETURNS  \nMark Scott, Principal  \nKaufman Rossin  \nMiami, FL  \nJanuary 19, 2019  \n\\#1 KNOW YOUR STARTING POINT  \n• Analyze Prior Gift Tax Returns  \n• Prior Gift Tax Exemption Used  \n• Prior GST Tax Exemption Used  \n• Deceased Spousal Unused Exemption  \n• Was Gift Tax Previously Paid?  \n\\#2 WHEN IS A RETURN REQUIRED?  \n• Gift Tax Return, Form 709  \n• 04/15 of year after gift (use Form 4868 or 8892 for extension)  \n• if donor passes, then earlier of  \n• Form 709 due date OR Form 706 due date (with extensions)  \n• Estate Tax Return, Form 706  \n• 9 months after death (use From 4768 for 6 month extension)  \n• Generation Skipping Trust Returns : due by 04/15  \n• Can be extended by filing Form 7004, automatic six (6) months  \n• 706-GS(T)– trustee calculatesand pays tax for trust terminations  \n• 706-GS(D-1)– trustee reports taxable distributions to beneficiary  \n• 706-GS(D)– skip person distributee calculatesand pays tax due  \n• not necessary where inclusion ratio is zero  \n• If weekend/holiday, then next day not a weekend/holiday • Caution: returns are often required even when no tax is due  \n\\#3 IF FILING A RETURN, MAKE IT COUNT!  \n• Statute of limitations is generally 3 years for IRS to challenge a return except for substantial omissions or items that are not adequately disclosed  \n• substantial omissions = 6 year SOL : charitable contributions  \n• undisclosed gifts = No SOL  \n• Treasury Regulations § 301 . 6501(c)-1(f)  \n• describes the disclosure for gift and non-gift completed transfers necessary to commence SOL  \n• Disclosure Statements, Form 8275 and 8275-R  \n• positions that may be contrary to the Code or Regulations  \n• filed to avoid portionsofthe accuracy-related penalty, economic substance penalty, and preparer penalties that may be attributable to unreasonable positions  \n• Section 2704 Proposed Regulations : statement  \n• For gift tax returns reflecting spousal split gifts; adequate disclosure satisfied by consenting spouse if donor spouse’s return satisfies the disclosure requirements  \n\\#4 ANNUAL EXCLUSION AND CRUMMEY RIGHTS  \n• Annual Exclusion: $14,000 per donor, per donee  \n• present interest – outright gift to donee, with dominion and control of property  \n• Future Interest – where gift if made to a trust  \n• where donee does not have outright ownership of property  \n• review trust agreement to determine if Crummey withdrawal right  \n• the withdrawal right can be limited  \n• writing where donor excludes person from withdrawal  \n• $5,000 or 5% of trust value (5 x 5 power)  \n• lapsing rights  \n• Remote contingent remainder beneficiaries  \n•  Cristofani may apply  \n\\#5 GIFTING-SPLITTING OPPORTUNITIES AND ERRORS  \n• Both spouses must be U.S. citizens  \n• Split gift election must be made on the first return filed  \n• regardless of whether it is filed timely or late  \n• The election cannot be revoked unless it is made on a return filed prior to the due date of the original return.  \n• All gifts must be split if the election is made  \n• unless there are gifts that are prohibited from being split  \n• Gifts to a trust in which the consenting spouse has an interest cannot be split  \n• unless the interestsofthe non-spouse beneficiaries, or the consenting spouse’s interest, are ascertainable  \n• Lifetime credit shelter trust / SLAT  \n•  Crummey withdrawal rights  \n\\#6 THE SECTION 2642(C) GENERATION SKIPPING TRANSFER TAX ANNUAL  \nEXCLUSION  \n• Transfer must be a direct skip  \n• For transfers to a trust:  \n• trust must have only one (1) beneficiary  \n• trust must be includible in the beneficiary’s gross estate for estate tax purposes (e.g. beneficiary has testamentary general power of appointment)  \n• Transfer must qualify for the annual exclusion  \n• Ordering of gifts in a calendar year is critical  \n\\#7 AUTOMATIC ALLOCATION OF GST EXEMPTION TO LIFETIME TRANSFERS  \n• Section 2632(c) provides for the automatic allocation of taxpayer’s unused ","cbCaii9BuYEiU1xB","https://ap.wps.com/l/cbCaii9BuYEiU1xB","pdf",97168,13,"English","# #1 KNOW YOUR STARTING POINT\n# #2 WHEN IS A RETURN REQUIRED?\n# #3 IF FILING A RETURN, MAKE IT COUNT!\n# #4 ANNUAL EXCLUSION AND CRUMMEY RIGHTS\n# #5 GIFTING-SPLITTING OPPORTUNITIES AND ERRORS\n# #6 THE SECTION 2642(C) GENERATION SKIPPING TRANSFER TAX ANNUAL EXCLUSION\n# #7 AUTOMATIC ALLOCATION OF GST EXEMPTION TO LIFETIME TRANSFERS\n# #8 LATE ALLOCATIONS OF GST EXEMPTION DURING LIFE\n# #9 RELIEF TO ALLOCATE OR FAILING TO ELECT OUT OF AUTOMATIC ALLOCATIONS","[{\"question\":\"How should you determine the starting point before preparing gift or estate tax returns?\",\"answer\":\"Analyze prior gift tax returns, identify the prior gift tax exemption and GST tax exemption used, check whether the deceased spouse had an unused exemption, and determine whether gift tax was previously paid.\"},{\"question\":\"When are gift and estate tax returns required and what extension forms may apply?\",\"answer\":\"A gift tax return generally uses Form 709 due by 04/15 of the year after the gift; extensions may involve Form 4868 or 8892. An estate tax return uses Form 706 due nine months after death, with a six-month extension via Form 4768.\"},{\"question\":\"What are Crummey rights and how do they affect annual exclusion planning?\",\"answer\":\"Crummey rights are withdrawal rights in a trust that can support qualification for the annual exclusion. The notes recommend reviewing the trust agreement to see whether the withdrawal right exists and how it may be limited, including using common structures such as a $5,000 or 5% threshold.\"}]","WHAT EVERY ATTORNEY AND CPA NEEDS TO KNOW TO PREPARE AND REVIEW GIFT AND ESTATE TAX RETURNS - Part 1 - Workshop | PDF",1789787743]