PODCAST: Estate Tax Returns: Why You Might Want to File Anyway

Walnut Creek CA

17 February, 2021

3:08 PM

Description

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. Listen Now On Demand! >>  In a new episode of Absolute Trust Talk Live, 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. Big Three from Episode #057: The current estate tax exemption is $11.7 million, but that doesn’t mean you shouldn’t file.Estate tax returns are not easy, but they are worth it. Margaret’s expert opinion: If you can take advantage, file it.An estate tax return is not an income tax return. It’s an inventory of your assets, your deductions. It’s an inventory of who the beneficiaries are and the values at the date of death. At the end, we had a Q&A session answering your top questions about estate tax returns, but if you have more questions, feel free to reach out to us for help: by calling us at 925-943-2740 or emailing us at [email protected]. [Ad] Not sure of the benefits of filing an estate tax for your family? We can help. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met. Tune In! >>