Outline of IRS Form 706: Estate Tax Return Overview

Estate Tax Return (706) Preparation

Here is an outline of the information required to complete an Estate Tax Return (Form 706). Is your Executor and family in possession of the information they will need to navigate this difficult process, both during this process and in the future?

General Considerations

List of Assets

List of Liabilities

Lifetime Gifts

Gift Tax Returns

Death Certificate

Letters of Office

Open Audits

Protective Claims

Excluded Life Insurance

1. On Decedent
2. On Others

Property Interests

1. Direct Ownership
2. Joint Tenancy, Right of Survivorship, etc.
3. Indirect (e.g., LLC, FLP, etc.)
4. Applicable discounts and valuations

Trusts

1. Created by Decedent
2. Decedent as Trustee
3. Decedent as Beneficiary
4. General or Limited Powers of Appointment

Foreign Accounts - Signature or Other Authority

Annuities

Schedules

• Schedule A - Real Estate
• Schedule B - Stocks & Bonds
• Schedule C - Mortgages, Notes & Cash
• Schedule D - Insurance on Decedent's Life
• Schedule E - Jointly Owned Property
• Schedule F - Other Miscellaneous Property
• Schedule G - Transfers During Decedent's Life
• Schedule H - Powers of Appointment
• Schedule I - Annuities
• Schedule J - Funeral & Administrative Expenses
• Schedule K - Debts of Decedent, Mortgages, & Liens
• Schedule L - Losses During Administration
• Schedule M - Bequests to Surviving Spouse
• Schedule O - Charitable, Public & Similar Gifts, & Bequests
• Schedule P - Credit for Foreign Death Taxes
• Schedule R - Generation Skipping Transfer Tax
• Schedule U - Qualified Conservation Easement Exclusion