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This revised course reviews the basics of preparing a federal estate tax return (Form 706) and making the portability election for the estate of the deceased spouse.
Learn about the portability of the deceased spousal unused exclusion amount, which is a fast-growing compliance opportunity for clients. Attendees will learn how the portability election can provide significant estate tax insurance for the surviving spouse and income tax insurance for beneficiaries. Also, identify how to complete each of the schedules and make available elections. Furthur, discuss the changes arising from the most recent changes in federal estate tax law the most recent edition of Form 706. This course will also review the new income tax basis consistency reporting rules with the preparation of Form 706.
Information is co-presented with additional content added for basic understanding. Federal estate tax returns remain the most difficult and trap-strewn of all returns required for the estate. This course can help beginning practitioners identify problems and traps before they arise and recommend what to do to protect a practice.
Note: A companion course, Advanced Issues: The Art of the Estate Tax Return, presents in-depth discussion of issues, tax-saving strategies and planning alternatives with Form 706 using the instructor's book, Art of the Estate Tax Return (2nd ed.), Bloomberg BNA Books.
This course will adjourn at 4 p.m.
Basic understanding of trusts and estate planning terminology.
Attorneys, CPAs and tax practitioners.
Keith Schiller, Esq., of the Schiller Law Group, a PLC, of Alamo, California, has greater than 42 years of experience with taxation, tax compliance, and estate and business succession planning. Schiller works with clients and consults with estate planning, trust administration, estate tax, gift tax and GST tax compliance (review of returns, audits, appeals and Tax Court), and with tax practitioners throughout California.
Schiller is the author of the award-winning reference book, Art of the Estate Tax Return — Estate Planning At The Movies, now in its second edition and published by Bloomberg BNA. The book reveals Schiller’s best practice pointers, his insights from co-teaching with the IRS for 17 years, and practical recommendations from over 25 leading practitioners across the country who contributed to the book. Schiller has taught estate tax return and audit practice with IRS estate tax attorneys, group managers, and appeals officers since 1996.
Schiller is a member of the advisory board for Bloomberg, BNA’s Estates, Gifts and Trusts Journal and a member of the consulting board for the Leimberg Information Services, Inc. newsletter. He has taught over 15 courses for the CalCPA Education Foundation and received the 2000 and 2010-2011 awards for Outstanding Course Materials. Schiller is a certified specialist in taxation law and estate planning, probate, and trust law by the State Bar of California. He received a juris doctor degree from U.C. Berkeley (Boalt Hall) in 1974, master of business administration (taxation) from Golden Gate University in 1980, and a bachelor’s degree from UCLA in 1971, where he served as undergraduate student body president.
From another passion, Schiller chaired the Yosemite License Plate Campaign, during which he lobbied passage for the law approving the Yosemite license plate and directed the state-wide marketing and sales campaign. The Yosemite license plate has raised in excess of $38 million for the preservation of Yosemite and California conservation.