estate tax

Minnesota Estate Tax: New Assembly Instructions

December 22, 2008

If you are preparing an M706 this year, be aware that there are new assembly instructions for attachments in the 2008 M706 Instructions. The preferred method of submission of attachments is to “use binder clips, 3-ring binders or 2-prong fasteners. Do not use bindings, staples, or colored paper as separators” (emphasis in original). That last [...]

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Alternate Valuation in a Down Economy

November 12, 2008

When preparing estate tax returns in a down economy, it is important to remember that an election for alternate valuation may be available. Essentially, alternate valuation means that the estate’s property is valued on the date 6 months after the date of death. As a result, the estate may pay less in estate taxes. Keep [...]

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IRS Tax Statistics for 2007

November 3, 2008

The IRS has now released its tax statistics for estate, gift, and fiduciary income tax returns for 2007. These statistics are interesting from the standpoint of viewing and predicting tax filing trends over time. Estate tax statistics Gift tax statistics Fiduciary income tax returns

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The Candidates on Estate Taxes

October 15, 2008

The Wall Street Journal has a good article today summarizing the presidential candidates’ positions on the estate tax. Both candidates favor portability of the estate tax exemption but differ on the rates and exemption amounts. While changing the federal tax code to allow portability would be a good idea, its value to Minnesota residents would [...]

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Estate Tax Return Deadline Checklist

October 10, 2008

Tracking deadlines is especially important when working on estate tax returns since interest and penalties can really add up if a deadline is missed. Estate tax returns often take quite a long time to prepare. If you have multiple returns you are working on, it can be difficult to remember where you are at with [...]

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The Steelers and Estate Planning

October 3, 2008

Two of my favorite subjects, football and estate planning, collide in the story of the Steelers NFL franchise. The NFL is requiring the Steelers to restructure its ownership in order to comply with its rules. Additionally, several current owners of the franchise want to restructure in order to shield their heirs from estate tax liability. [...]

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