When someone passes away, what the person passes down to his or her beneficiaries may be subject to federal estate taxes. If the decedent “skips” a generation in passing along assets then it may ...

IRS Form 706 is used to report the United States' estate- and generation-skipping transfer taxes. It is filed by the executor of an estate of a deceased U.S. citizen or resident in one of two ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a ...

WASHINGTON, DC - AUGUST 18: The Internal Revenue Service (IRS) building on Thursday, Aug. 18, 2022 in Washington, DC. (Kent Nishimura / Los Angeles Times via Getty Images) There is an onerous issue ...

The new Part 6 of the draft Form 706 states that a decedent with a surviving spouse elects portability of the DSUE amount, if any, by completing and timely filing the Form 706. No further action is ...