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Wichita Kansas Form 706: What You Should Know

Wichita Estate Tax Service & Wichita Appraisal Center. Tax estate valuation in Wichita. Kansas City Property Appraiser, Wichita Appraiser, Kansas City Property Appraiser,  Kansas City Taxable Value Appraiser, and Wichita Taxable Value Appraiser. Dec 3, 2024 — Estate Tax Exemptions Inheritance tax can be paid by a beneficiary or beneficiary designator only. If beneficiary designation, the executor can receive the  amount over a specified time period on or before the executor's death — but not more than 10 years from the date the  person was killed. For tax purposes, the executor acts as the beneficiary only if the beneficiary designated the executor during the beneficiary's lifetime or after the beneficiary's death if the designation is made within 60 days of expiration of  life, or after death if there was no designation. The executor must file the return if he or she wants to give the  total estate over to the executor by the death date. See, Tax Code section 2062. Sep 8, 2024 — Estate Tax Exemptions A beneficiary, not a legal person, may designate the executor by signing the Form 707 (elder) as executor.  The person designated may receive the total estate over one of two time periods. The first period would  begin on the date of death of the person designated. A return is payable to the individual designated on the  Form 707 (elder) on or before the date of death. If the person designated does not designate a  legal person, he or she may designate a trust or committee for such purpose. Form 707 (elder) § 8 (4) (b). You are a beneficiary, not a legal person, who may designate the executor. Form 707 (elder), § 3(c) (2). If you are the beneficiary, or the person designated under § 8 (4) (b),  you may designate a trustee of record on the Form 707 (elder) or provide the actual amount of the  federal estate tax on Form 707 (elder) in lieu of the trust on Section 8 (5) of this Form.

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