What happens when one overlooked detail turns a thoughtful estate plan into a multi-million-dollar tax disaster? In this episode of the AICPA Personal Financial Planning Podcast, nationally recognized tax and estate planning expert Bob Keebler joins Cary Sinnett to unpack the cautionary tale of Roland v. Commissioner.

Despite well-crafted trusts and modest estates, a simple misstep in making the portability election led to the loss of $3.7 million in estate tax exemption. The case underscores the reality that “substantial compliance is not enough” when filing Form 706—and the reputational and financial risks that follow.

You’ll learn:

• Why the IRS and courts denied the portability election—and what it means for practitioners.
• How valuation, appraisals, and strict filing compliance can make or break an estate.
• What CPA financial planners can do to collaborate effectively with attorneys and safeguard clients from hidden estate administration landmines.
• Practical risk management steps firms should adopt to prevent similar outcomes.

Listen in to protect your clients’ legacies, preserve your professional reputation, and avoid the quiet traps buried in estate planning compliance.

Resources:

https://www.aicpa-cima.com/resources/download/guide-to-financial-and-estate-planning-vol-4

https://pfplanning.libsyn.com/estate-planning-portability-pfp-section

https://www.aicpa-cima.com/resources/video/critical-income-estate-and-trust-planning

https://www.aicpa-cima.com/cpe-learning/course/estate-planning-certificate-program