Home › Services › Trusts & Estates › Estate Tax Return Preparation

Estate Tax Return Preparation

“Because it’s a complicated system that takes into account many factors we highly recommend that you seek the advice of an experienced CPA to help you prepare an estate tax return.”

The federal estate tax is commonly referred to as a wealth transfer tax because it is a tax imposed on the transfer of the decedent’s property to the decedent’s heirs. Effective for years beginning after December 31, 2010, the estate tax and gift tax is reunified which makes it a “use it now or use it later” system. It’s a complicated system that changes depending on the current economic climate in Washington. The modern estate tax system came into existence in 1916 and it has gone through many revisions over the years, including one year where it was completely repealed. Click here if you would like to learn more about the estate tax from the IRS perspective. 

Since the estate tax exclusion is currently over $5 million, one might think there would be a lessor need to file Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return. But this is not necessarily the case because the executor may want to start the clock on the statute of limitations for valuation purposes or make the election to transfer the unused exclusion to the surviving spouse. Because it’s a complicated system that takes into account many factors we highly recommend that you seek the advice of an experienced CPA to help you prepare an estate tax return.

Here is what you can expect when you engage us to us to prepare an estate tax return . . .

  • We will work closely with your attorney to gain a clear understanding of the estate, and to determine if there are any post mortem planning opportunities that may be beneficial;
  • We will help you select an accounting period that meets the needs of the estate, and apply for the tax identification number; and
  • We will assist you with the process of determining which assets are to be included in the gross estate, and help facilitate the determination of the value of those assets on the date of death or alternate valuation date.

For more information, please call us at (775) 828-5027 or send us an email.