With the exemption from federal estate tax so high, $11,700,000 in 2021, many people believe their families will never have to worry about filing a federal estate tax return (IRS Form 706) on their deaths. And that is true…ish.  There’s something called the Deceased Spouse Unclaimed Exemption Amount (DSUAE) that could save your family a lot of money, but you can only claim it if you file an estate tax return.
Join us as we discuss 706s, Deceased Spouse Unclaimed Exemption Amount (DSUAE), common mistakes to avoid, and more with trust and estates tax expert, Margaret Schopp.

Timestamped Show Notes:

0:00 Introduction

3:49 How do we calculate the general estate tax that is owed when someone dies?

8:20 What are some things that can reduce your assets? These are also known as deductions.

9:27 Margaret reviews some deductions that people don’t necessarily think about.

12:00 What is portability?

13:33 Margaret shares an example of what happens when transferring property to a spouse.

17:46 How difficult is it to prepare this kind of tax return?

22:14 Kirsten and Margaret discuss common roadblocks and mistakes people have with filing a 706 tax return form.

24:27 This form is another big part of filing the 706 tax return.

29:25 Do you have to get an appraisal of the real estate for the estate tax return, or is it a broker comp letter?

29:56 Do you include personal possessions, like clothes, jewelry furniture, on the return? And if so, how do you value those?

31:31 If you do probate, do you have to have the property appraised by a probate referee assigned by the court and use that as the appraisal for your state tax return?

Looking for more resources? Absolute Trust Counsel has a library of free articles, checklists, and guidebooks to address the most common estate planning questions in easytounderstand language. Explore those listed below, or for more, visit https://absolutetrustcounsel.com/reso....

Do you need help with your estate planning now? We’ve got you covered. Together our Absolute Trust Counsel team will review your situation and work to understand your specific needs to develop a strategic plan that will protect you and your loved ones, no matter what comes your way. Here's a link to schedule your free discovery call to get started today https://absolutetrustcounsel.com/sche....

Do you have an incapacity plan? If the answer is no, you should consider adding it. It’s one of the most critical strategies you can have. AbsoluteTrustCounsel.com/IncapacityPlanning

Need a speaker to answer the unknowns of the estate planning world? Look no further than Kirsten Howe. For more information about Kirsten, or to get started, visit https://absolutetrustcounsel.com/inte....

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If you'd like to reach Margaret directly, please email her at [email protected] or feel free to call her at 9256892200.

Kirsten Howe can be reached at 9259432740.