If the decedent’s estate is valued at more than the unified credit for the year of death, a federal and state estate tax return may need to be filed. Also, if a married person dies, a federal estate tax return may need to be filed to preserve a portability election.
If the decedent made gifts exceeding the annual gift tax exclusion ($14,000 per donee for 2015), Cohen & Burnett P.C. could prepare the gift tax returns for filing.
State estate and inheritance taxes vary from state to state. Contact Cohen & Burnett P.C. for information and guidance on your specific state’s estate taxes.