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New Proposed Regulations: Anti-Clawback Rule Exception

NEW PROPOSED REGULATIONS: ANTI-CLAWBACK RULE EXCEPTION

Cost Free
Presentation Length 2.0 hours

Recorded DateOctober 4, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelAdvanced
Course Description

On April 26, 2022, the U.S. Treasury issued new clawback regulations addressing the recapture of many common client transfers. Every tax professional assisting clients with potentially taxable estates will need to quickly address how these proposed regulations apply to standard estate planning transfers, including notes, GRATs, GRITs, QPRTs, 2701 freezes, and transfers included in an estate under IRC Sections 2035, 2036, 2037, 2038, and 2042.

In this class, Bob Keebler and Marty Shenkman will explain the new regulations in numerical detail, addressing the examples in the regulations and additional examples so that webinar attendees can master the core concepts and quickly apply those concepts to their clients.

Learning Objectives:


  • Identify the clawback of “includible” gifts—the heart of the new regulations

  • Recall the unified gift and estate tax system

  • Define the reduction in the exemption in 2026 and the gift and estate tax ordering rules

  • Recognize the impact of DSUE on clawback and planning opportunities

  • Describe the clawback treatment of traditional “completed” gifts

  • Define the new 5% test

  • Identify treatment of promises to pay

  • Give examples of tax planning for the new 18-month test, including promises to pay

  • Recognize treatment of preferred partnership freezes, treatment of GRATs, QPRTs, and GRITs

  • Define treatment of property included under IRC Section 2035, including life insurance transfers

  • Identify treatment of property included under IRC Sections 2036 to 2041

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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.
 

Martin Shenkman

Shenkman Law
Dual Practitioner, Financial Planner
shenkman@shenkmanlaw.com
(201) 845-8400

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Martin M. Shenkman, CPA, MBA, PFS, AEP (distinguished), JD, is an attorney in private practice in Fort Lee, New Jersey, and New York City, New York, with Shenkman Law. His practice focuses on estate and tax planning as well as planning for closely-held businesses and estate administration. Throughout his career, Mr. Shenkman received awards and acknowledgments from the New Jersey Bar Association, Worth Magazine, CPA Magazine, the American Cancer Society, and the AICPA. Mr. Shenkman holds a Bachelor of Science from the Wharton School at the University of Pennsylvania, an MBA from the University of Michigan, a law degree from Fordham University School of Law. He is admitted to the bar in New York, New Jersey, and Washington D.C.

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.