This hands-on workshop will teach you everything you need to know about expertly completing federal gift and estate tax forms 709 and 706. Forms 8971 and 1041, as well as post mortem tax planning and Illinois estate tax laws, will also be covered. Get your pencils ready: a hypothetical will be utilized throughout the program, so that you can complete forms and calculations yourself in real-time to ensure understanding of these intricate tax forms.
Credits: 6 General, 0 Diversity/Inclusion PR, 0 MH/SA PR, 0 Other PR
Thursday, December 1, 2022
Moderator: Stuart J. Kohn, Levenfeld Pearlstein LLC, Chicago
8:55 Welcoming Announcements
9:00 – 9:15 Introduction to the Topic and the Hypothetical
A hypothetical fact situation will be presented which includes a decedent’s estate with a living trust, retirement plan, life insurance, and sample forms 1041, 706 & 709. Throughout the day, we’ll examine how various decisions will result in specific tax consequences and how to prepare Forms 706 & 709 to effectively handle those consequences.
Stuart J. Kohn, Levenfeld Pearlstein LLC, Chicago
9:15 – 10:15 Form 709: Federal Gift Tax Return
We will walk step-by-step through the basics of federal gift tax preparation, including calculation of tax due, gift tax splits, and filing procedure and deadlines. Sample completed forms will be provided and discussed.
Stephanie N. Ross, Levenfeld Pearlstein LLC, Chicago
10:30 – 11:45 Form 706: Federal Estate Tax Return
This presentation will include a timeline for the estate tax return preparation process, a list of information to gather from the client, tips on preparing schedules for different types of assets, valuation issues, and a typical computation for the marital deduction. A sample estate tax return will also be presented based on the day’s hypothetical, including common elements in the estate of a second-to-die spouse.
Fredrick B. Weber, Kirkland & Ellis LLP, Chicago
11:45 – 12:30 Form 8971: Federal Tax Basis Reporting
Basis consistency (IRC §1014(f)) and new reporting requirements with regard to property the value of which is included in a decedent’s gross estate for federal estate tax purposes to be reported to the IRS on Form 8971 and provided to the recipients of the property on Schedules A (IRC §6035) were enacted July 31, 2015. This presentation will overview these new Code sections, the pending Proposed Regulations (and final regulations if issued prior to the presentation), and the new Form 8971 and Schedule A.
1:30 – 2:30 Selected Tax Issues with Powers of Appointment
Adam K. Sherman, McDermott Will & Emery LLP, Chicago
2:45 – 3:45 Illinois Estate Tax – Relationship to Federal Estate, Gift and GST Taxes
Learn about the areas of overlap and differences between federal and Illinois estate tax law. Learn about challenges you might face if you have no federal estate tax but have an Illinois estate tax. The discussion will also include issues with establishing or changing domicile, structuring an estate plan to minimize Illinois estate tax, and questions you should ask your clients to avoid future Illinois estate tax problems.
Rebecca Wallenfelsz, Chapman and Cutler LLP, Chicago
3:45 – 4:30 Relationship Between Forms 709, 706 and 1041
What are the effects of Forms 706 and 709 on Form 1041? This session will look at a sample completed Form 1041 and pinpoint areas of interest.