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

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 Estate of Rowland 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:

Guide: Guide to Financial and Estate Planning Vol. 4

Podcast: Estate Planning & Portability

Learning: Estate Planning Certificate Program

Video: Critical Income, Estate and Trust Planning for 2023 and Beyond

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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