Federal (and State) Estate Tax Return Preparation Services

In 2023, the threshold for filing a federal estate tax return (Form 706) is $12.92 million. That estate tax exemption amount is subject to change from year-to-year. Absent any legislation, the estate tax exemption will sunset back to just $5 million after December 31, 2025.

The preparation and timely filing of the Form 706 is extremely important. While complex elections are typically involved, valuation, incidence of ownership, confirmation of asset titles, addressing powers of appointment, identifying beneficiaries of assets, and even dealing with community property (in applicable states) is crucial.

At the same time, identifying, maximizing, and optimizing deductions is key in reducing any federal estate tax obligations. In cases of no federal estate tax, knowing how and why to preserve deductions for individual, estate, and trust fiduciary income tax returns, to in turn minimize those respective income tax obligations, is substantially important.

We have prepared federal estate tax returns for decades. We adhere to a detailed, organized, and thorough presentation process we call the “blueprint process.” In short, our experience has taught us that the IRS follows, if not welcomes, this blueprint process as it typically anticipates and answers most, if not all, likely questions that may arise from months if not years of correspondence requests involving a federal estate tax return.

We are also well experienced in the details of federal estate tax preparation. We compose QTIP elections, credits for foreign death taxes, credits for tax on prior transfers, generation-skipping transfer tax (GSTT) allocations, portability elections, etc. We are well versed in every aspect of federal estate tax return preparation and filings.

Above all, we work as collaborators. We recognize that clients may have law firms or tax firms that prepare the Form 706. We can serve as a reviewer of such work to ensure that every possible reporting position and election that benefits a client is considered. Our experience teaches us that our legal and tax professional peers welcome a review of their work. It all adds up to a collective effort to provide the client with the best possible result and experience.

The Fiduciary Consultant offers collaborative services to legal, accounting, and corporate fiduciary professionals.

For Professionals & Families.