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When is an Estate Tax Return Due?

One of the most common concerns in estate planning is estate taxes.  Indeed, one of the primary goals of estate planning is decreasing or eliminating taxes, as much as possible.  With the current federal estate tax rate at 40%, it is easy to see how taxes can substantially reduce the value of your estate.  An estate tax is required to be paid from any gross estate exceeding $5.34 million.  Many, if not most estates, are not required to pay estate taxes because of the Estate Tax Exemption.  But, if your estate is not exempt, filing a federal estate tax return will be required.  So, when is the return due? When and how do I file a federal estate tax return? Everyone is familiar with the April 15th deadline for filing income tax returns, which is set by statute.  IRS Form 706 is the federal estate tax return, which must be filed within nine (9) months of the decedent’s death.  An executor can receive an automatic 6-month extension of time for filing the return, by submitting IR


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Dispute over Mickey Rooney’s remains to be decided by Los Angeles judge

Dispute over Mickey Rooney’s remains to be decided by Los Angeles judge | Estate Planning | Scoop.it
Mickey Rooney. Joe Seer / Shutterstock.com Mickey Rooney was the highest paid actor in Hollywood 70 years ago, but his personal property is valued at about $18,000, according to documents filed with his will.
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Clippers sale is completed as Donald Sterling files challenge with appeals court

Clippers sale is completed as Donald Sterling files challenge with appeals court | Estate Planning | Scoop.it
A probate judge’s final order on Tuesday cleared the way for the sale of the Los Angeles Clippers to former Microsoft chief executive Steve Ballmer for $2 billion.
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