Reliable Guidance for State and Federal Estate Tax Return Filing
Estate tax returns are a crucial part of settling an estate when the value of assets exceeds certain thresholds. At Wierman Law Firm, we help families and fiduciaries throughout Eastern Iowa and Western Illinois—especially in the Quad Cities region—understand their responsibilities and file required estate tax returns with accuracy and care.
The federal government requires an estate tax return (Form 706) to be filed when the gross estate, plus certain lifetime gifts and other items, exceeds the basic exclusion amount. Some states have their own requirements as well. Even when an estate falls below the filing threshold, it may still be beneficial to file—for example, to preserve portability of a deceased spouse’s unused exemption.
These returns involve detailed asset valuations, documentation of transfers, and strict deadlines. We assist clients in gathering the necessary financial data, working with appraisers if needed, and ensuring that all information is clearly presented in accordance with IRS or state guidelines. We also help address common concerns such as discounts for closely held businesses or family-owned farms, special use valuations, and elective deductions that may be available.
Our approach is collaborative and patient. Many clients come to us during an emotionally difficult time and feel overwhelmed by the complexity of the tax process. We’re here to help reduce that burden. Whether you are an executor, trustee, or surviving spouse, we’ll provide steady support to help you fulfill your obligations and preserve as much value for beneficiaries as possible.
State and Federal Estate Tax Returns FAQs
When is an estate tax return required?
A federal estate tax return is typically required when the gross estate exceeds the federal exemption limit. Some states have their own separate requirements. We can help determine whether a return is necessary for your situation.
What’s involved in preparing an estate tax return?
Filing involves identifying and valuing all estate assets, documenting prior gifts, and applying deductions or elections where appropriate. We help clients navigate this process carefully and ensure filings are timely and accurate.
Is it ever beneficial to file even if it’s not required?
Yes. In some cases, filing a return can preserve valuable tax benefits, such as portability of a spouse’s unused exemption. We’ll walk through the pros and cons to help you make an informed choice.
Still have a question?
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