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A Line-By-Line Guide to Form 706 in 2013


Product Code - TMW55
Speaker(s): Keith Schiller, Esq., Schiller Law Group
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With Current Insight on the New Form 706, Portability Election, and the 2012 American Taxpayer Relief Act!

Form 706 compliance creates significant opportunities to reduce estate tax for your most wealthy clients. The portability election on a timely filed estate tax return saves income tax and ensures against estate tax for taxpayers who would not otherwise be required to file a federal estate tax return apart from making that election. The portability of the deceased spouse’s unused exclusion amount heralds the most significant reform to the estate tax system in over 30 years. The IRS has made the portability election less expensive to secure for many estates that would otherwise not file an estate tax return yet would benefit from an increased tax-free allowance. The new Form 706 for deaths in 2012 includes a page for calculating and reporting the portability of the deceased spousal unused exclusion amount (DSUEA) and a new Schedule PC to report protective refund claims. Successfully meet the unique challenges presented by Form 706 compliance.

This 90-minute Webinar is designed to keep you abreast the most recent developments with estate tax return preparation and supply you with valuable practice pointers 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 38 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:

  • DSUE amount (electing, calculating, and opting-out)
  • “QTIP-ing” an otherwise estate tax exempt trust to secure later basis increases
  • New Schedule PC to report protective refund claims on Form 706
  • Requirements and protocol for effective protective refund claims
  • Integrate “swing-item” elections with marital deduction, credit shelter, and GST exemption reporting
  • Extending the time to file and pay estate tax
  • 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!)
  • Schedule A: Appropriate appraisal reports, discounts on the death of the first spouse, fractional interest discounts
  • Schedule B: Valuation shortcuts, built-in gain
  • Schedule C: Reporting cash and promissory note valuations
  • Schedule E: Problems with joint tenancies
  • Schedule F: FLPs and LLCs –– managing client expectations and avoiding post-death traps on Form 706 (don’t make the case worse)
  • Schedule G: Authority of durable powers of attorney; outstanding checks; living trust reporting
  • Schedule H: 5/5 powers and pros and cons of general powers of appointment
  • Schedule M: Effective marital deduction reporting
  • Schedule O: Charitable deduction reporting
  • Schedule R: Reverse QTIP elections

Educational Objectives

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

  • Complete Form 706 with confidence and accuracy
  • Secure practice tip insights that motivate portability elections in the client’s best interest
  • Stay current with new developments with the DSUE amount election and protective refund claims
  • Gain awareness of the common missed opportunities preparers leave on the table
  • Understand the common oversights that occur while preparing an estate tax 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 a comprehensive supplemental update (over 250 pages), including sample estate tax returns for 2012 deaths. 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.

Registrants who already own a copy of Art of the Estate Tax Return, but who have not received Supplement 2 to the text have the opportunity to purchase the supplement independently of the text at a special price.

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 BNA2013. To purchase Supplement 2 at a reduced price, call 877-345-4706. Proof of Bloomberg BNA webinar attendance is required to receive a discount. 

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).