As we narrow in on the sunset of the Tax Cuts and Jobs Act, many practitioners will be suggesting that their relevant clients make gifts. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, and Larry Brody, JD, discuss what needs to be known when valuing life insurance policies for the purpose of filing gift tax returns, including:

What do we need to know about the IRS regulations?
Can you get a valuation in lieu of relying on the IRS regulations?
What value should be used when given a series of values on Form 712?
What if you don’t agree with the Form 712 values?

For more resources related to this episode:

Access Bob’s decisions charts in the Proactive Planning Toolkit.
Use the Adviser’s Guide to Financial & Estate Planning for other planning ideas as we head into the sunset of TCJA.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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Valuing life insurance policies for gift tax returns {PFP Section}

AICPA Personal Financial Planning (PFP)