Portability Denied: The Compliance Misstep That Cost Millions with Bob Keebler

In this episode of the AICPA's Personal Financial Planning podcast, Cary Sinnett interviews Bob Keebler about the estate of Roland case and the importance of portability elections in estate planning. The discussion centers on a case where the IRS denied a portability election due to technicalities in the 706 preparation, leading to a multi-million dollar dispute. Keebler emphasizes the need for accurate asset valuation, especially for bequests to non-spouses, and the significance of proper compliance to avoid costly errors. He advises CPAs and financial planners to collaborate with legal professionals, consider the potential for future changes in estate tax exemptions, and potentially refer out complex estate tax returns to mitigate risk.