Gift and Estate Tax Returns

Gift and Estate Tax Returns

We prepare Gift and Estate Tax Returns and work as a team member to review returns prepared by outside advisors.  In addition, we perform related tax work.

Potential services related to Federal Estate Taxes include the following:

  • Preparing and filing an optional 706 return on the death of the First Spouse, electing “Portability”;
  • Preparing and filing an optional 706 return on the death of the First Spouse, to make the QTIP election for the Deceased Spouse’s Trust so that on the death of the Surviving Spouse there will be a new income tax basis for assets contained in such Trust;
  • Preparing an optional 706 return with a QTIP election which is filed in the future when it is clear there will be no death taxes on the Surviving Spouse’s Death;
  • When a QTIP election is not permitted, creating new Irrevocable Trusts in order to use the “Delaware Tax Trap”;
  • Preparing and filing a required 706 return;
  • Assist in audit of a 706 return.

Potential services related to Federal Gift Taxes include the following:

  • Prepare a 709 return for Irrevocable Trusts, such as an IDGT, GRATs, or QPRTs;
  • Where there is a sale to a Grantor Trust, file a 709 return starting the Statute of Limitations for our position that the transaction is not a gift;
  • Prepare and file required 709 returns to report non-taxable gifts, but using part of the donor’s basis;
  • Prepare and file required 709 returns to report taxable gifts;
  • Assist in audit of a 709 return.
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