Form 706 Preparation Part 1: Overview Including Portability 2024

Overview

This section of the 4-part series will cover basic form preparation of Form 706 and help participants develop a solid foundation in preparing the federal estate tax return. This section will cover running the engagement, administration issues and completion of pages 1-4 of the form, including portability election. For examples, worksheets and practice resources will be provided.

Highlights

• Action steps in 706 preparation engagement • Filing requirements, new forms, IRS return review procedures, closing letters • Obtaining transcripts and previously filed returns • Completing introductory pages 1-4 • Worksheets provided: Summary of Estate Plan • Summary of Estate and Subtrust Funding; Beneficiary Allocation Schedule

Prerequisites

Basic knowledge of trust and estate planning terminology.

Designed For

CPAs, attorneys, bankers, enrolled agents and professional staff.

Objectives

• Determine how to prepare pages 1-4 of the Form 706 • Recognize the benefits of the team approach with the client’s advisors to reduce risk • Identify how to present returns to minimize audit risk

Preparation

None