Gift Tax: Form 709 Preparation, Review, and Best Practices

A pre-recorded streaming VIDEO replay of the August 2025 webcast, Gift Tax: Form 709 Preparation, Review, and Best Practices.

This seminar provides practitioners with actionable guidance to ensure accurate compliance with the updated Form 709 requirements, minimize audit exposure, and optimize tax outcomes for clients engaging in wealth transfer planning. The speaker, Nathan Olansen, reviews comprehensive strategies for navigating the complexities of the United States Gift (and Generation-Skipping Transfer) Tax Return, highlighting the newest form revisions and recent updates that impact practitioner compliance. Viewers explore critical distinctions between regular and generation-skipping gifts, substantial disclosure requirements, and the details of proper valuation and documentation for various gifts, including 529 plan contributions and direct versus indirect transfers. The seminar also furnishes practical insights on maximizing annual exclusion benefits for present interest gifts, properly reporting GST exemption allocations, and making informed decisions about automatic allocation elections.

• Updates to Form 709
• Substantial Disclosure and Qualified Appraisals
• Differences between “regular” gifts and generation-skipping gifts
• Reporting super-funded 529 plan gifts
• Direct v. indirect gifts
• Present interest gifts and the application of the Annual Exclusion amount
• Reporting the GST exemption allocation
• Electing into or out of the automatic GST exemption allocation

Nathan R. Olansen, Midgett Preti Olansen / Virginia Beach

Nathan Olansen is the Managing Shareholder at Midgett Preti Olansen, PC, in Virginia Beach, VA. His practice is focused on estate planning, probate and trust administration, IRS and state and local tax resolution, as well as individual and entity tax planning, asset protection, and a variety of related transactional matters such as business succession planning. He has extensive experience in drafting and implementing all types of basic and complex estate planning documents, the administration of trusts and estates through probate and in private trusts, and serving as the executor and/or trustee for clients seeking long-term, professional trust management. Mr. Olansen’s experience also includes individual, gift, estate, and trust income tax compliance and preparation (Forms 1040, 1041, 706, and 709), and trust and estate fiduciary accounting preparation and forensic examination.

Mr. Olansen is a Fellow in The American College of Trust and Estate Counsel (ACTEC), and he is listed in Best Lawyers in America^® across four categories: Trusts and Estates; Tax Law; Litigation—Trusts and Estates; and Litigation and Controversy—Tax. He received his undergraduate degree from Old Dominion University, his law degree from Regent University School of Law, and his LL.M. in Taxation from the Boston University School of Law. He is also a certified public accountant and served in the U.S. Marine Corps Reserves as a member of the 4th Light Armored Reconnaissance Battalion.