This course reveals the most effective strategies for preparing an estate tax return and achieving the most successful results for your clients during an audit. Compliance and planning opportunities with the portability election will be reviewed in depth.
At the outset of the class, Instructor Keith Schiller will ask what topics you want discussed. This agenda will set the basis for much of the course discussion, making the class more responsive to your needs.
You'll learn about the weaknesses in IRS arguments, how to secure the best appraisal results, as well as how to effectively make portability elections. Discover the counter arguments for IRS challenges to FLPs, formula clauses, promissory note valuations, and allowable deductions. Learn strategic approaches and compliance alternatives with portability elections, avoid traps in both planning and preparing Form 706, including maintaining document control, protecting discounts (TICs, promissory notes, closely held stock, FLPs and other property interests), avoiding penalties, protective refund claims (Schedule PC), best use of administrative expense deductions, achieving best audit results and staying on top of refund claims. The course focuses on how to enhance your technical knowledge and strategically implement applications. You'll benefit from the instructor's more than 38 years of estate tax return experience and attendees will leave with enhanced knowledge and strategic insights for effectively filing federal estate tax returns (Form 706).
Course materials include Keith Schiller's award-winning textbook and latest supplement, Estate Planning At The Movies, Art of the Estate Tax Return, which delivers best practices and cutting-edge strategies for estate tax savings. The course text references more than 200 motion pictures in memorable and thought-provoking applications related to class topics.
Identify ways how to slash estate tax liability.
Address what you most want to discuss to make your estate tax return practice more effective.
Determine how to best integrate estate tax return preparation into your more effective accounting or law practice.
Recognize ways to avoid audits and gain insight to the selection of estate tax returns for examination.
Deceased spousal unused exclusion amount (DSUEA), including simplified reporting, formula clauses, and the integration of strategic objectives with compliance requirements
Maximizing fractional interest discounts, including cutting-edge arguments
Strategic choices with estate tax versus income tax planning when preparing Form 706
Working with and selecting appraisers for the most effective results
Reducing discounts on the death of the first spouse
Effective planning and return preparation with FLPs and family LLCs
Honing marital deduction reporting
Reporting reverse QTIP elections and GST exemption allocations on Form 706
Working with protective and perfected refund claims, including Schedule PC
Strategies for more effective audits and appeals
Keeping current with changes in estate tax return preparation law and practice
Attorneys, CPAs, and tax practitioners with experience related to Form 706 who wish to prepare significantly more effective estate tax returns.
This is an advanced class in which participants should have some existing familiarity with estate tax return preparation and estate planning.
Advanced Prep: None
Speaker: Keith Schiller, Esq.
Field of Study: Tax
CPE Credit: 8 Hours
Meet the Speaker:
Keith Schiller, JD, is a shareholder and attorney with Schiller Law Group. Mr. Schiller is a Certified Specialist in both Taxation Law and Estate Planning. Since 1987, Mr. Schiller has been a frequent lecturer for several courses on trusts and estate planning for the Education Foundation. He received the Foundation's award for Outstanding Course Materials in 2000. He is a member of both the Advisory Committee for the BNA Tax Management Estates Gifts and Trusts Journal and the Advisory Group for the Leimberg Information Services Newsletter. Mr. Schiller is the author of Estate Planning At The Movies; Art of the Estate Tax Return. The book is a comprehensive text on the preparation of the Form 706, which integrates estate planning and uses motion picture references to aid recollection and communication of technical material and practice pointers.