Practical Estate Planning Under Circular 230 is divided into three chapters.
Chapter 1 covers Circular 230 and its requirements to the extent they apply to estate planning practitioners. This includes discussion and analysis of much of Circular 230 that involves issues other than written tax advice, such as the regulations regarding tax returns, production of requested documents and materials, and the assertion of legal privileges. Much of the new Circular 230 regulations is cumulative, and one cannot appreciate what they do unless one understands the rest of Circular 230 upon which they are constructed.
Chapter 2 provides explanations of the various judicial doctrines that may need to be included in a covered opinion prepared under Circular 230. One of the more difficult issues in writing a covered opinion is often the application of these broad judicial doctrines to specific transactions. This chapter discusses these doctrines and provides both explanations that may be provided to the client, as well as examples of how these doctrines apply in estate planning transactions.
Chapter 3 provides sample covered opinions that address common estate planning transactions for which a full opinion may be required under Circular 230. It also provides a discussion of the various common estate planning transactions, as well as guidance on which transactions do or do not require a covered opinion.