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Form 706: A Line-By-Line Guide & Discussion


Product Code - TMW18
Speaker(s): Keith Schiller, Esq., Schiller Law Group
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 Form 706 compliance creates significant opportunities to reduce estate tax yet creates unique challenges to the tax practitioner.

This 90-minute Webinar is designed to help you prepare highly effective estate tax returns – starting with an in-depth, line-line breakdown of Form 706. To achieve this objective, Keith Schiller will review the best reporting techniques as well as the commonly missed opportunities and oversights that he has seen in his 37 years of reviewing estate tax returns. You are encouraged to submit your questions in advance to Mark Carrington at mcarrington@bna.com.

This Webinar presentation is designed for attorneys, accountants, and other preparers of estate tax returns.

During this live event, participants will be provided with a conceptual understanding and practical application of the following:

  • Extending the time to file and pay estate tax
  • Administrative expense deductions, (post 2009 regulations — developments +) (page 1, line 2)
  • Credit for gift taxes paid (page 1, line 7)
  • Alternate valuation date election (page 2, line 1)
  • Code §6166 deferral (page 2, line 3)
  • Page 2, line 5 (Alerts!)
  • Questions on pages 2 and 3: audit triggers, ambiguities, and incorrect responses
  • Schedule A: Appropriate appraisal reports, discounts on the death of the first spouse, fractional interest discounts with leveraged property
  • Schedule B: S Corporation valuation and built-in gain
  • Schedule C: Promissory notes, gift avoidance, and valuation
  • Schedule E: Problems with joint tenancies
  • Schedule F: FLPs and LLCs — managing client expectations and avoiding post-death traps on the Form 706 (and don’t make the case worse)
  • Tricks and traps with personal effects
  • QTIP reporting
  • Schedule G: Authority of durable powers of attorney; outstanding checks; living trust reporting; and IDGTs
  • Schedule H: 5/5 powers and pros and cons of general powers of appointment
  • Schedule M: Alternative reporting of the marital deduction
  • Schedule O: Charitable deduction checklist in connection with the GST election
  • Schedule R: Reverse QTIP elections

Educational Objectives

In 90 minutes, registrants for this webinar will learn to:

  • Complete Form 706 with confidence and accuracy
  • Be aware of the common missed opportunities preparers leave on the table
  • Understand the common oversights that occur while preparing a 706 return
  • Know how to complete all related Schedules

This value-added Webinar includes the award-winning textbook, Estate Planning At The Movies® — Art of the Estate Tax Return, by speaker Keith Schiller. The text comes with one supplemental update and 4 sample illustrated estate tax returns for deaths in 2010 and 2011. Provided for your ongoing benefit and designed to save your clients millions in estate taxes, Art of the Estate Tax Return will make you a hero. Your reference book will arm you with strategic insight while enhancing your knowledge and your library.
Schiller Book_110811
More about Art of the Estate Tax Return: Charles W. Morris, Esq. former IRS Territory Manager, Estate and Gift Tax for the Western United States, stated, “The substantive work … is, by far, the best work on the subject that I have ever seen. By far!” Stephan R. Leimberg, publisher of Leimberg Information Services®, Inc., exclaimed, “Don’t dare file another estate tax return — until you read this book.”

Interested in purchasing more copies of Keith Schiller’s Art of the Estate Tax Return at just $170 each? Click here to order. Use Coupon Code BNA 2012.

Keith Schiller, Esq., Schiller Law Group

 Keith Schiller, Esq., is the shareholder of the Schiller Law Group, a Professional Law Corporation, of Orinda, California. Mr. Schiller has focused his 36 years of experience with estate, gift, and GST tax planning and compliance, estate planning and business succession planning. Keith works with clients and consults with estate planning, trust administration, and tax practitioners throughout California.

  • Mr. Schiller is a member of the BNA Advisory Board for the Estates, Gifts and Trusts Journal and Consulting Group for the Leimberg Information Services®, Inc. Newsletter.
  • Mr. Schiller has twice authored tax courses and course texts that have received the Award for Outstanding Course Materials from the CalCPA Education Foundation including the 2010-2011 recognition for Estate Planning At The Movies™ — Art of the Estate Tax Return.
  • He has taught estate tax compliance since 1989, including instruction for greater than 13 years with IRS estate tax attorneys, group managers, and appeal officers.
  • Mr. Schiller’s recent speaking engagements include: Wilmington Trust Summit, Wilmington, Delaware; Advanced Summit on Business Valuation, Georgetown School of Law; Distinguished Speaker’s Series for the Sarasota Community Foundation, Sarasota, Florida; CalCPA Education Foundation Advanced Estate Planning Institute; and Southern California Tax and Estate Planning Forum, San Francisco, California (and upcoming in San Diego).