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Tips from Christine Wakeman and Kerri Nipp from the
State Bar of Texas Estate Planning & Probate Course
(Dallas - June 2015)

GRRR (GIFT RETURN REPORTING REQUIREMENTS) TAMING THE WILD 709 TIGER

Presented by Christine S. Wakeman;
Co-written by Christine S. Wakeman and Lora G. Davis

Prior to 1997, if you filed a non-fraudulent Form 709 you were almost guaranteed to start the clock on the time that the IRS could challenge the values of your gifts and assess gift tax (the "statute of limitations"). Now, the hoops you must jump through are more significant. The IRS takes the position that the statute of limitations only begins to run on a gift if you "adequately disclose" the gift. Per Treasury Regulations, compliance with adequate disclosure may require detailed descriptions of gifts, detailed financial records of a business interest transferred, and several attachments to your gift tax return. Therefore, it is critical that your gift tax return is prepared by someone who knows the adequate disclosure rules. Otherwise, you risk the IRS arguing your gift tax return is not worth the paper it is written on.

Read the complete outline here.

PLANNING FOR DIGITAL ASSETS

Presented by Kerri G. Nipp;

Written by Gerry W. Beyer

The Internet has become increasingly significant in our daily lives, which leads to an important estate planning issue-- What happens to our digital lives when we die or can no longer manage them ourselves? The fiduciaries you appoint in your estate plan need to be able to manage your digital assets, and there are many obstacles under state law, federal law, and service providers' terms of service agreements that may prevent your fiduciaries from assuming that role. Therefore, it is very important that you consider your digital assets when updating your estate plan and make sure your plan addresses them appropriately.

Read the complete outline here.

Christine S. Wakeman
214-751-2130

Kerri G. Nipp
214-751-2130

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This communication contains generalizations and simplifications. Prior to implementing any estate plan, you should consult with competent tax and legal counsel to assess your specific circumstances and determine whether any particular technique discussed in this communication would be appropriate for you and could be implemented in a manner designed to achieve the desired favorable outcome. This communication including any attachments is not intended to be, and should not be construed as, U.S. federal tax advice for purposes of Circular 230 and may not be used for the purpose of avoiding penalties under the Internal Revenue Code. Additionally, this communication including any attachments is for education purposes and is not intended to be used for, and should not be used for, the purpose of promoting, marketing or recommending to another party any transaction or matter addressed herein.