Line by Line Form 706 Preparation

Date: March 08, 2022
Time: 01:00 PM ET
Duration: 04 Hours
Speaker: Klaralee R. Charlton
CPE Credits : 4 (Taxes)



Form 706 is unlike any other tax return and requires thorough understanding of what makes up the Gross Estate, which Deductions are permissible, and how to allocate the lifetime Estate Tax and Generation Skipping Tax Credit. Additionally, Portability and QTIP elections must be made in a timely manner enabling clients to save thousands of tax dollars. This fast-paced course will walk you through preparing Form 706 from beginning to end and point out pitfalls to avoid. We will also review how to file a “quickie” 706 for surviving spouses wishing to elect portability for smaller estates. A general understanding of the concept of estate tax will be helpful prior to attending this course.


Topics Covered:

  • Identifying the gross estate and how to properly report the most common assets on Form 706 and its schedules.
  • Analyzing permissible deductions and how to report deductions to provide your client with the best tax saving opportunities.
  • Reviewing necessary elections made on Form 706 and the proper times to make these elections.
  • Explaining the allocation of the decedent’s lifetime exemption, a deceased spouse’s unused exemption, and the generation skipping transfer tax exemption.


Learning Objectives:

Upon successful completion of this course, participants will be able to:

  • Describe the assets which make up the gross estate and the permissible deductions claimed on Form 706.
  • Analyze the allocation of the estate and generation skipping tax exemptions.
  • Recommend elections based on the client’s estate planning documents, future asset growth, and needs of the surviving spouse and children.
  • Understand the filing requirements for clients with both taxable and nontaxable estate.


Who Should Attend:

  • Attorneys
  • CPAs
  • Enrolled Agents
  • Finance Professionals


CPE Credits: 4

Level: Beginner

NASBA Field of Study: Individual and Fiduciary Income Tax, Estate and Gift Tax, Estate Planning

Program Prerequisites: None

Advance Preparation: None


This program has been approved for 4 CPE credits under NASBA.


Klaralee R. Charlton

Klaralee Charlton is a Shareholder with Katz, Look & Onorato, P.C. She practices fiduciary tax, estate administration, and business transactional law. As part of her practice, she guides clients through the process of administering a loved one’s estate including the collection, valuation, management and transfer of assets including financial accounts, real estate, and business interests with a focus on minimizing estate and income tax liability. She also works closely with trustees of ongoing trusts to ensure compliance and prepares clients’ fiduciary income tax returns annually.

Klaralee has written and lectured on topics including estate and gift tax, fiduciary income tax reporting and U.S. regulations governing the valuation of small family businesses. She serves as Treasurer of the Denver Bar Association and is a former Chair of the Colorado Bar Association, Tax Section.

She earned her J.D. from the University of Utah, S.J. Quinney College of Law, her LL.M. in Tax Law from the University of Denver, and her B.A. in political science from Bryn Mawr College. She is admitted to practice in both Colorado and Montana.


This program has been approved for 4 CPE credits under NASBA.