Duration: 240 Minutes

Description:

Preparing Form 706, the Federal Estate Tax Return, can be complex, spanning over 25 pages and containing more than 15 schedules. Despite recent tax legislation increasing the estate tax exemption, filing a 706 may still be necessary, particularly in light of potential future reductions to the exemption amount. New proposed IRS regulations suggest that the anti-clawback provision from the 2019 regulations may be limited. This course is essential for CPAs, enrolled agents, tax attorneys, and other professionals advising clients on tax, retirement, estate planning, and wealth management.

Topics Covered

• Determining the necessity of a Federal Estate Tax Return and considerations for post-mortem tax planning.
• Managing Form 706 and making preliminary decisions during estate administration.
• Completing asset schedules A through I of Form 706:
• Real Estate
• Stocks and Bonds
• Mortgages, Notes, and Cash
• Discounting Mortgages and Notes
• Life Insurance on the Decedent
• Jointly Owned Property
• Other Miscellaneous Property
• Transfers During the Decedent’s Lifetime
• Powers of Appointment
• Annuities
• Utilizing the alternate valuation date.
• Completing deduction schedules J through U:
• Funeral Expenses and Administration Costs
• Debts, Mortgages, and Liens
• Net Losses and Administration Expenses
• Bequests to Surviving Spouse
• Charitable Gifts and Bequests
• Credit for Foreign Death Taxes
• Generation-Skipping Transfer Tax
• Qualified Conservation Easement Exclusion
• Finalizing the return: Pages 1 through 3.

Learning Objectives

• Understand the fundamental concepts and issues related to estate taxation.
• Evaluate the practical implications of key estate tax changes and their impact on 2024 filings.
• Identify the parts and schedules included in Form 706.
• Determine estate tax liability accurately.
• Recognize the steps required to elect portability.
• Differentiate between the various schedules and their relevance to client scenarios.

Credits and Other information:

• Recommended CPE credit – 4.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 4 Hours
• Case Studies
• PowerPoint presentation for reference

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

Steve Siegel is president of The Siegel Group, a Morristown, New Jersey-based national consulting firm specializing in tax consulting, estate planning and advising family business owners and entrepreneurs. He holds a B.S. from Georgetown University, a J.D. from Harvard Law School, and an LL.M. in Taxation from New York University.

Mr. Siegel is the author of several books, including the Grantor Trust Answer Book published by Wolters Kluwer, and is a nationally-recognized writer and speaker who has lectured extensively throughout the United States on tax, business and estate planning topics. Mr. Siegel has served as an adjunct professor of law at the University of Alabama Law School Graduate Tax Program and at Seton Hall and Rutgers University law schools.