2011 Deaths and Form 706 

Seminar recording | Presentation materials

The IRS on September 29th issued Notice 2011-82 to alert executors of 2011 estates of the need to file a Form 706 to make the election to transfer a decedent’s unused $5 million estate and gift tax exclusion to the surviving spouse. In particular, for the executor of a 2011 estate to make a portability (i.e., deceased spouse unused exclusion amount (DSUEA)) election, the executor is required to file a timely Form 706 for the decedent's estate, even if the estate is not otherwise obligated to file a Form 706. If a timely return is not filed, any excess exclusion amount is lost forever and is unavailable at the death of the surviving spouse. To avoid falling into this trap, practitioners should discuss with their clients the benefit of filing the federal estate tax return for the first spouse, even if no tax is due. Over the next few weeks and months, it is very important to file extensions (Form 4768) or Form 706 for early 2011 deaths within the nine-month deadline (starting October 3, 2011).

In this web seminar, Bob Keebler leads practitioners through a discussion on:

• An overview of portability provisions after the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 (“2010 Act”)
• The impact of the 2010 Act on estate, gift and GST planning
• Why retirement distribution planning is important
• A schedule by schedule review of Form 706