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As part of administering an estate of a loved one, you may be charged with filing any applicable tax returns. This may include income tax returns for the trust or estate, personal income tax returns for the decedent, gift tax returns, or estate tax returns. In many cases, the estate tax return is the most time-consuming to prepare and file. Fortunately, an experienced Orange County trust administration attorney can help guide you through the process.

The following are eight helpful facts about filing estate tax returns during an estate administration in Orange County:

  1. The form used to file an estate tax return is Form 706
  2. For decedents who pass in 2013, any estate of an unmarried US citizen or resident whose gross estate is more than $5,250,000
  3. For decedents who pass in 2013, any estate of a married US citizen or resident whose gross estate is more than $5,250,000
  4. For calculating the value of an estate, use the value as of the date of death
  5. Form 706 must be filed even if no tax will be owed after deductions and tax credits are applied
  6. Form 706, and payment of the tax, are due nine months after the decedent’s death
  7. Extensions may be available for filing the return, by filing Form 4768; the new deadline is then 15 months from the date of death
  8. After the IRS accepts the federal estate tax return, an Estate Tax Closing Letter will be issued

Interestingly, even in some cases where no return is required, estates may want to file it regardless for several reasons. By filing the return, it will be easier to settle the estate of the surviving spouse. Date-of-death values of the assets will be clearly stated in that return.

To learn more about filing tax returns as part of an estate or trust administration, contact an experienced trust administration attorney today.

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