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Gain Realization at Death and Gift: The Van Hollen and Pascrell Proposals


Cost $10.00
Presentation Length 1.0 hour

Recorded DateDecember 22, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Series: Taxes, NCPACA
Course Description

Senator Christopher Van Hollen and Representative Bill Pascrell have both introduced bills to repeal the step-up in basis and create a gain realization at death and gift similar to the system in Canada. President Biden supports both of these proposals. The Van Hollen proposal would be effective on 1/1/2021.

In this fast-paced class, Robert S. Keebler, CPA/PFS, MST, AEP, will address the legislative framework of the Pascrell and Van Hollen bills, including retroactive gain realization on 2021 gifts.

This course is a “must-attend” for CPAs, EAs, tax lawyers, financial advisors, and accountants having clients with appreciated assets in their portfolios.

Learning Objectives:

  • Recognize how gains will be recognized at death

  • Recognize what gains will be realized upon gifting

  • Determine when a 39.6%-LTCG rate applies

  • Identify how depreciation recapture will work

  • Determine what planning will mitigate the 39.6% rate

  • Identify the exemptions and exceptions

  • Identify the spousal exception(s)

  • Define the $1,000,000 exemption for each spouse

  • Identify the exemptions and exceptions for gifts made during life as well as after death

  • Determine if gifts can be made to grantor trusts and/or non-grantor trusts in 2021 without gain realization

  • Propose how the Van Hollen and the Pascrell bills interact with the anti-grantor trust provisions of the Sanders legislation

  • Determine the 21- and 30-year gain realization rules for trusts

  • Identify if gifts can be made to charitable trusts and/or charity

  • Determine how the 15-year loan will work and who is eligible

  • Evaluate what practitioners should do to warn clients that are considering making large gifts in 2021

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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.

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.