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Vermont online Form 706: What You Should Know

A certificate of Probate on the form provided.  After the court has verified the Petition, and made corrections,  The court will then grant the Probate or grant an Order.  If a Federal Estate Tax return, Form 706 to be filed, must be filed:  If you are filing a Federal Estate Tax return, Form 706 is used to figure the estate tax of Vermont.   Generally: a. If you have a nonresident spouse's share, you may be able to use the federal income tax code with a negative net worth or a negative adjusted gross income.  Example: The person whose nonresident spouse dies has a negative adjusted gross income — 600,000. Assuming the value of the nonresident's primary residence is 200,000, that person's nonresident spouse, if alive, will have a nonresident death tax liability.   b. If you do not have a nonresident spouse's share, if your spouse dies, you may be able to use the Vermont state tax code with a positive net worth or a positive adjusted gross income.  Example: The spouse who dies has a positive adjusted gross income and the nonresident spouse has a negative net worth.   f. If you do not have a nonresident spouse's share, if your spouse is a nonresident, the spouse's nonresident death tax liability is imposed by the applicable Uniform Deceased Beneficiary Treatment Act (UDF TAA).  Example: A nonresident spouse, whose deceased spouse is a Vermont resident and whose nonresident spouse, whose deceased spouse was a nonresident, had a nonresident death tax liability of 800,000, has received the Vermont nonresident death tax benefit at the time of death.   v. If you have an interest in a Vermont real property, the Vermont State Estate Tax Act may apply, depending on whether your spouse also had an interest in this property and the value of his or her interest. If the same person owns real property in a couple in which each spouse owns real property the Vermont State Estate Tax Act, applies. g. If you have a Vermont life insurance policy, the Vermont State Estate Tax Act applies. f. If no income or estate assets are transferred to the estate, then the Vermont State Estate Tax is due.

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