Federal Estate Tax Return Prep/Filing: Ensure “Portability Election” — 3 Kentucky General Credits

In almost all situations where there is a surviving spouse, advisors should have their estate clients file a timely and complete Federal Estate Tax Return (Form 706), even when it is not otherwise due. The reason? To make the "Portability Election," which can only be made by filing such a return. This Election, which allows a surviving spouse's estate to use the unused exemption of the first spouse's estate, can potentially save large amounts of Federal estate tax. It is available for all 2011 and 2012 estates. In fact, the Portability Election is so important, on February 18, 2012, the IRS issued Notice 2012-12 which extends the time for some 2011 estates to file a complete 706 in order to make the Election.

In this 3-hour March 7, 2012 presentation, Steven G. Siegel, a nationally-recognized tax and estate planning expert, explains the Portability Election, why is it so significant, the relevant IRS pronouncements including Notice 2012-12, and what to do to protect yourself from malpractice claims if your client does not agree to file a Form 706. He then provides a schedule-by-schedule explanation of how to complete a Form 706, using a fully completed Federal Estate Tax Return as an example.

Major topics include:

• Portability Election: Must File A Timely And Complete 706 To Make It

• Overview Of The 706

• Early Preliminary Decisions

• Filling Out Asset Schedules A Through I

• Use Of The Alternate Valuation Date

• Completing Deduction Schedules J Through U

• Completing Pages 1 Through 3, Filing The Return And Paying The Tax

FORMS: To purchase Mr. Siegel's fully-editable downloadable clauses dealing with the Portability Election, go to www.NLFforms.com and click on "Estate Planning". Under that heading, "2012 And Beyond Drafting Issues - 16 Will And Trust Clauses To Address 4 Important Issues" includes 4 sample Portability Election Clauses in addition to 12 other clauses dealing with three other issues. Or you can go to "Portability Election For Estates And Trusts - 4 Alternative Clauses".

BOOKS FOR LAWYERS: Over 40 useful books on important legal issues facing attorneys are now available for immediate download at www.NLFforms.com. (Reading books without also listening to or viewing a recorded seminar earns NO CLE credits.)