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Form 706: Estate Tax Return Fundamentals

Get up-to-date on when and how to file a Form 706 and learn how to reduce future transfer taxes for your clients.

Significant wealth held by Americans will soon be transferred and subject to taxation. It is estimated more than $10 trillion in wealth will be transferred over the next 15 years. If a person has been fortunate to amass significant wealth, the government imposes a tax when the person transfers their wealth at death. Significant wealth held by Americans will soon be transferred and subject to taxation. Learn the rules applicable to properly preparing and filing Form 706. Learn which assets are subject to tax, the available deductions and major elections. Each schedule required to be filed with Form 706 will be discussed. You will be provided with a working understanding of how the estate tax works and proper reporting. The changes added by the 2012 Tax Act and how these changes affect planning to reduce future transfer taxes will also be discussed.

Runtime: 97 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

  • Application of the Estate Tax
  • Probate and Nonprobate Assets
  • Steps in Computing Estate Tax
  • Filing Requirements

Computing the Gross Estate

  • Assets Owned at Death

- Probate Estate Schedules A, B, C and F

- Life Insurance Schedule D

- Joint Tenancy Schedule E

- Powers of Appointment Schedule H

- Annuities and Retirement Plans Schedule I

  • Retained Interests Schedule G
  • Three-Year Rule
  • Valuation Issues

Deductions From Gross Estate

  • Funeral and Administrative Expenses Schedule J
  • Debts of Decedent Schedule K
  • Losses Schedule L
  • Marital Deduction Schedule M
  • Charitable Deduction Schedule O

Elections

  • Alternative Valuation Date
  • Special Use Valuation
  • Installment Payments
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Robert E. Barnhill, III

Robert E. Barnhill, III

Live Speakers, Inc.

  • Attorney, certified public accountant, personal financial specialist and certified financial planner with Live Speakers, Inc.
  • Practices in the estate and retirement planning areas, and has written several books covering these and related business areas
  • Adjunct professor at Texas Tech University in the personal financial planning department for more than 20 years
  • Conducted training sessions for various professional associations throughout the United States for more than 26 years
  • Maintained a private practice for more than 30 years
  • Holds the Toastmasters International Accredited Speakers designation for platform excellence and has been named by the AICPA as an Outstanding Discussion Leader
  • Former international president for Toastmasters International from 1996 to 1997, former president of the West Texas Chapter of the Financial Planning Association, and a member of the American Bar Association, the AICPA, the State Bar of Texas, Society of Estate and Trust Practitioners, Society of Financial Service Professionals and the National Speakers Association
  • J.D., M.B.A. and B.A. degrees, Texas Tech University
  • Can be contacted at 806-794-1282 or [email protected]
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Product ID: 399160
Published 2016
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