Has your loved one passed away and left their estate to you? Form 706 must be filed on behalf of a deceased U.S citizen whose gross estate, adjusted taxable gifts, and specific exemptions exceed $11,580,000. A foreign decedent's taxable exemption is limited to $60,000 unless certain procedures are performed. There are several complex issues to consider when filing to make sure you owe as little as possible. Contact McNamara Legal Services, P.A. to find out what procedures are right for you.
Filing a Form 706 doesn't necessarily mean you'll owe a large amount of taxes. You may be able to make deductions. Our attorney often helps clients write off: