The 2009 version of Form 706 has now been released on the IRS website. If you practice in this area, it is always a good idea to read through the updated form and its instructions each year.
Of course the main change this year is that the exemption level rose to $3.5 million at the federal level (recall that Minnesota’s exemption level has remained at $1 million).
I have only had time to glance through the 2009 Form and Instructions so far, but it seems that not much has changed since 2008 on the form itself. I did notice what I believe to be new instructions on Schedule F for certain types of life insurance policies and valuation discounts on miscellaneous property. The latter appears to be aimed at lack of control discounts for limited liability companies.
If you catch anything else that is a change from previous years, tell us about it in the comments. I’ll also make another post if I see anything major.
Download the new forms at the IRS website:
Minnesota’s 2009 706 forms are also available: