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A federal estate tax return is required if the sum of the assets held at death plus the taxable gifts made during the life of the Decedent are more than the federal exemption equivalent (currently $2 million). Even though a spouse can pass an unlimited amount to his or her spouse during life or at death, the assets left to a spouse at death do count towards the $2 million exemption equivalent. The tax return is due and the taxes must be paid within 9 months of the date of death. A six (6) month extension may be obtained if timely and properly filed. The penalties for failure to comply with the filing requirements are substantial and special care should be taken to avoid their imposition by the Internal Revenue Service. A deferral of the payment of estate taxes can be obtained under some circumstances (e.g. lack of liquidity to pay tax). The permission to defer estate taxes requires tax expertise. Whitlock Canter LLC can assist Clients in obtaining such tax deferral when necessary. |
When Is A Federal Estate Tax Return Required And When Is It Due?
- Estate Planning
- Probate & Estate Administration
- Inheritance and Estate Tax Planning
- Wills
- Trusts
- Living Wills & Powers of Attorney
- Elder Law/Medicaid Planning
- Tax Audits
- Business Succession Planning
Whitlock Canter LLC
East 80 Route 4, Suite 170
Paramus NJ 07652
Phone: (201) 655-7160
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