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."
Visit www.mcmanuslegal.com to learn more about how to take advantage of various components of the "fiscal cliff" deal.
About McManus & AssociatesMcManus & Associates, a trusts and estates law firm, was formed in 1991 by John O. McManus to provide the high quality experience of the largest firms coupled with the intimacy and efficiency of a specialized boutique firm. Over 20 years later, McManus & Associates continues to earn its reputation for integrity, intellectual ability, efficiency, and enduring relationships. For more information contact: Lauren DuBois(917) 573-2485 firstname.lastname@example.org SOURCE McManus & Associates