Some of the biggest planning opportunities in trust and estate taxation are also the easiest to miss. In this episode, Cary Sinnett sits down with nationally recognized estate planning authority Bob Keebler to explore three highly technical areas that can dramatically impact client outcomes: portability elections, fiduciary income taxation during periods of market volatility, and the often-misunderstood Kenan doctrine.

Bob explains where advisors commonly overlook opportunities, how missed elections may still be salvaged, and why funding decisions inside trusts and estates can create unexpected capital gains. Along the way, he highlights strategies that help CPA financial planners deliver more thoughtful and tax-efficient advice to families across generations.

Questions Answered

• How does portability work, and when can missed portability elections still be recovered?
• When should advisors favor portability versus bypass trusts and GST planning?
• What is the Kenan doctrine, and why can funding a trust with appreciated assets trigger capital gains?
• How does a Section 645 election change the taxation of trusts during administration?
• Equal inheritances are not always equal when embedded capital gains and basis differences are considered.

Resources: The Adviser's Guide to Financial & Estate Planning - Vol 4 Generation Skipping Transfer Tax Chart Estate Planning & Portability Volatile Markets, Smart Estates: Keebler's Top Tax Plays

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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