Estate Tax Returns: Why You Should File
Absolute Trust Talk E-Blast – Facebook Live 1.28 – Estate Tax Returns Why You Might Want to File One and Common Mistakes
Click above to watch the video for this episode or listen to the podcast version on the go.
Because the federal estate tax exemption is so high, currently set to $11,700,000, many people believe their families won’t have to worry about filing a federal estate tax return (IRS Form 706) on their deaths. And while this may be true to a certain extent, there are also benefits that come with filing an estate tax return that could save your family a lot of money, money that can only be claimed if you file.
In a new episode of Absolute Trust Talk Live (click here), Kirsten sits down with CPA Margaret Schopp. Margaret’s firm, Schopp & Co., focuses on trust and estate returns, including Form 706 for (portability). They work closely with estate planning attorneys and other CPAs who may have an occasional need for a Form 706. Listen in as Kirsten and Margaret break down the estate tax return process, discuss how to calculate it, and review the significant benefits as well as some common mistakes to avoid. Even if you don’t meet the current estate tax exemption, you might want to file anyway.
No matter what your circumstances are, the Absolute Trust Counsel team is here to help you in any way that we can.
If you know someone who is in need or might not have an estate plan to protect themselves and their loved ones during this challenging time, please share this article with them or have them reach out with any questions.