10. What critical gift tax consequences must be avoided for gifts made in 2012? When does the statute of limitations clock begin?a. The final step to ensure the completion of any gift you have made to a trust is the timely filing of a gift tax return. Avoid professionals who do not have expertise in making significant gifts into trust.b. Filing of a complete return starts the 3-year clock with the federal government. Once the statute of limitations has run, the IRS can no longer audit the return.c. If a return is prepared but does not meet the specific adequate disclosure requirement, the statute of limitation does not begin to run."Several valuable opportunities emerged as part of the 'fiscal cliff' negotiations that pleasantly surprised the estate planning community, but we're not completely out of the woods – the 'debt ceiling' debates, for example, are just around the corner," said McManus. "Keeping track of how the ever-evolving legal landscape impacts wealth preservation is a full-time job, but one that we're here to help with."
Post-Fiscal Cliff Estate Planning: Top 10 Next Steps In Light Of The Deal
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