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Estate Tax Reform and the 2021 Planning Window

ESTATE TAX REFORM AND THE 2021 PLANNING WINDOW

Cost $15.00
Presentation Length 1.0 hour

Recorded DateOctober 6, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

The estate tax policy leanings and proposals from Senator Sanders, Senator Wyden, and the President all indicate that massive changes are coming. This course will discuss a lower estate tax exemption, increased tax rates, elimination of specific valuation “discounts,” and a general reduction in available planning techniques.

These raise complex questions, including whether it is prudent to incur estate and gift tax early, before enactment. Practitioners must also question whether certain transactions which attempt to front-run the legislation will be effective. Additionally, the possibility that forced income tax realization events will be imposed at death or gifting makes planning all the more complex.

This class will also cover the tax and mathematical aspects of the proposed changes.

Learning Objectives:


  • Recall the “use it or lose it” nature of the Trump-era estate tax exemption

  • Identify portability—how it works with gifts and the likely impact of reform

  • Determine why a 706 extension is wise and buys time for the “legislative” fog to clear

  • Recognize why not making a QTIP election may save estate taxes

  • Measure the proposed estate tax rate structure from 45% to 55%

  • Summarize the impact of eliminating marketability discounts

  • Evaluate the effect of removing minority interest discounts

  • Recall the proposed gain realization rules under the STEP proposal and the potential of a 39.6% LTCG rate at death

  • Determine why the “tax-exclusive” gift tax with an effective rate of 28.57% may be prudent compared to a 45% to 55% estate tax rate

  • Recall how to increase the basis of property with a 2021 taxable gift

  • Identify why 2021 gifts can lock in discounts and reduce the effective gift tax rate

  • Determine why GST planning is integral to advanced plans

  • Recall how to compare paying estate tax at the first death compares to taxable gifts, IDGTs, SCINs, PAs, and GRATs

  • Recall how to compare taxable gifts to IDGTs, SCINs, PAs, and GRATs

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP, and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of the National Association of Estate Planners & Councils. CPA Magazine has also named him one of the top 100 most influential practitioners in the United States and one of the top 40 tax advisors to know during a recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. 

 

Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and estate, gift, and income tax examinations and appeals. He has received more than 200 favorable private letter rulings, including several key rulings of “first impression.” 

 

He is the author of over 100 articles and columns and is the editor, author, or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years, including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference, and the Heckerling Estate Planning Institute.

 

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About Our Presenter

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At Keebler & Associates, we are nationally recognized tax professionals in family wealth transfer, estates and retirement distribution planning. We provide tax and estate planning to high net worth individuals and families and educate financial, tax and estate professionals on cutting edge tax strategies.