This course will describe how to identify what is included in the gross estate and demonstrate how to calculate gross estate amounts, discuss portability, and explain the benefits of electing portability and also describe Generation Skipping Transfer Taxes. 

Building upon foundational concepts, this course delves deeper into the intricacies of U.S. federal estate taxation, equipping you with essential knowledge for accurate calculation and effective estate planning.

Understanding what comprises a decedent's gross estate, eligible deductions, and available credits is vital for tax professionals and individuals managing estates. 

Key learning outcomes include the ability to:

• Calculate the gross estate, identifying various assets and transfers subject to inclusion, such as life insurance proceeds, jointly held property, and transfers with retained interests.
• Apply different valuation methods for estate assets, including special use and alternate valuation dates.
• Recognize and utilize available deductions for expenses, charitable contributions, and marital transfers, including qualified terminable interest property (QTIPs).
• Understand and calculate estate tax credits, focusing on the applicable credit amount and the crucial concept of portability for the deceased spousal unused exclusion (DSUE).
• Navigate the requirements and deadlines for filing Form 706, the U.S. Estate and Generation-Skipping Transfer Tax Return.

Master these advanced topics to confidently address estate tax challenges.

Field of Study: Taxes