Estate Tax (Form 706)

Understand the requirements for filing Estate Tax (Form 706) and managing estate taxation after death. This guide covers key aspects such as the inclusion of all property in the gross estate, deductions available for funeral expenses, debts, and charitable contributions, and the implications of the marital deduction. Essential for personal representatives and estate planners, this guide also explains the role of Form 706 in transferring the unused exclusion amount to a surviving spouse.

Highlights:

• Gross Estate and Deductions: Comprehensive list of what constitutes the gross estate and allowable deductions, including funeral and administrative expenses.

• Marital Deduction and Portability: Guidelines for maximizing estate tax exclusions through the marital deduction and electing portability for the surviving spouse.

• Valuation of Assets: Instructions for determining the fair market value of estate assets, including special-use and alternate valuation methods.

• State and Federal Taxes: Overview of the estate and inheritance tax obligations in various states.