Gift and Estate Tax Returns
We prepare Gift and Estate Tax Returns and we work as a team to review returns prepared by outside advisors. In addition, we perform related tax work.
Potential services related to Federal Estate Taxes include the following:
- Preparation and filing of an optional 706 return on the death of the First Spouse, electing “Portability”
- Preparation and filing of 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
- Preparation of 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, creation of new Irrevocable Trusts in order to use the “Delaware Tax Trap”
- Preparation and filing of a required 706 return
- Assistance with audit of a 706 return
Potential services related to Federal Gift Taxes include the following:
- Preparation of a 709 return for Irrevocable Trusts, such as an IDGT, GRATs, or QPRTs
- Where there is a sale to a Grantor Trust, filing a 709 return starting the Statute of Limitations for our position that the transaction is not a gift
- Preparation and filing of required 709 returns to report non-taxable gifts, but using part of the donor’s basis
- Preparation and filing of required 709 returns to report taxable gifts
- Assistance with audit of a 706 return