DESCRIPTION
This module introduces the components of a decedent’s gross estate and explains how various assets and liabilities are reported across the schedules of Form 706. Participants discuss common deductions and reductions to the estate, as well as circumstances under which assets may be included in the estate under IRC §§ 2035, 2036, 2037, and 2038. The course also covers the basic framework for determining the federal estate tax, including the role of adequate and full consideration and portability. Concepts are reinforced through guided exercises and a concluding case study tied to a client scenario.
LEARNING OBJECTIVES
- Identify assets includable in a decedent’s gross estate and classify those assets to the appropriate schedules on Form 706.
- Identify allowable deductions and reductions to the gross estate.
- Evaluate client transactions to determine whether assets are includable in the gross estate under IRC §§ 2035, 2036, 2037, and 2038.
- Explain adequate and full consideration and the process used to calculate the federal estate tax.
- Recall the role of Form 706 in preserving portability for a surviving spouse.
