Fewer Estates May Be Taxable
But More Need Estate Tax Returns!
(Are You Missing Out On This Huge
Thanks to the new $5.43 million estate tax exemption, it seems fewer estates will be required to file a Form 706 (Federal Estate Tax Return). Wrong!
Lots of estates that don’t exceed $5.43 million may want to file a 706 because of a 2010 Tax Act provision… “Portability”!
Married couples may now fully utilize the first to die’s estate tax exemption without bothering to set up “A” and “B” (or “credit shelter”) Trusts, provided the survivor elects portability - - on a timely filed 706.
This makes sense when the total estate is worth over $5.43 million at the first spouse’s death. And this could also make sense if the total estate is less than $5.43 million but may grow to over $5.43 million by the surviving spouse’s death, or there are concerns that future laws may reduce the exemption amount available to the survivor’s estate.
Plus, keep this in mind…many times, even when “A” and “B” trusts are set up, the first to die’s exemption may not be fully used because assets like IRAs pass directly to the survivor - - and that unused exemption will be lost forever if you don’t timely file the 706!
What all this means is that many estates, even those well below $5.43 million may now need a 706 done, which is a golden opportunity for you, if you know how to properly prepare the Form 706!
Please join us and nationally renowned tax expert, Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA, for a very special 2-part presentation series entitled, “Properly Preparing the Form 706 (Estate Tax Return)”.
On these two in-depth 90-minute programs, you will learn:
- How to successfully navigate the Form 706, line-by-line
- How to complete the new Schedule PC
- Line 7 worksheet instructions
- Dollar amount limitations
- The ins and outs of the new “Portability” rules
- How the rules actually work - - using common examples
- The impact of choosing Portability - - or not - - for different types of clients, including the income tax consequences
- How to avoid malpractice traps associated with Portability
- Overlooked GST issues relating to Portability and the $5.43 million exemption
- The traps and tricks of other key 706 schedules, unrelated to Portability
- And much, much more!