Foundations of Preparing Form 706 Estate Tax Return

EVENT DATE:

Sep 22,2021

PRESENTER(s): Klaralee R. Charlton

12:00 PM ET | 11:00 PM CT | 09:00 AM PT | 240 Minutes

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With the constant threat of the estate tax exemption shrinking, the risk of estate tax is front and center for many clients. The Estate Tax return, Form 706, is unlike any other tax return and requires a thorough understanding of what makes up the Gross Estate, which Deductions are permissible, and how to allocate the lifetime Estate Tax and Generation Skipping Tax Credit. Additionally, Portability and QTIP elections must be made in a timely manner enabling clients to save thousands of tax dollars. This foundational course will walk you through preparing Form 706 from beginning to end and point out pitfalls to avoid. We will also review how to file Form 706 for surviving spouses wishing to elect portability for smaller estates. A general understanding of the concept of estate tax will be helpful prior to attending this course.

Session Highlights:

Learn how to prepare each schedule to the Form 706, using a sample return as an illustration.
Identify the six major components of Form 706 and Identify compliance issues.
Recognize the importance of the information items and questions on Form 706.
Highlights of portability elections to make the deceased spousal unused exclusion amount (DSUA) available to the surviving spouse.
Understand proper asset valuation compliance.
Understand proper deduction compliance.
Understand tax calculation.
The ins and outs of the “portability” rules, including how the rules actually work using common examples.
Issues involved in the preparation of the decedent’s final federal income tax return (Form 1040).
Various postmortem estate planning issues involved in the preparation of the.
above-mentioned tax return.
Complete understanding of estate and gift taxation.
Income tax consequences.
Overlooked GST issues.

Credits and Other information:

Session Duration: 4 Hours

Case Studies and Live Q&A session with speaker
PowerPoint presentation for reference

Session learning level: Introductory
Delivery method: Group Internet Based
IRS Credits: 4 Tax Hours
IRS Course ID: PJGWS-T-00029-21-O

Who Will Benefit:

CPA's
Tax Attorneys
Accountants
Tax Compliance Managers
Other Tax Professionals

Speaker Profile:

Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. where she practices fiduciary tax, estate administration, and business transactional law. As part of her practice, Ms. Charlton guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.

Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She previously served as Chair of the Colorado Bar Association, Tax Section and President of the Greater Denver Tax Counsel Association. She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.

Foundations of Preparing Form 706 Estate Tax Return

EVENT DATE:

PRESENTER(s): Klaralee R. Charlton

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