Michele Wright, Esq.,an attorney and CPA in Vienna, and David Wilks, Esq. with the Manassas law firm of Vanderpool, Frostick & Nishaniah, PC, provide an overview of the federal estate tax system, including

• IRS Form 706, 
• the amount of assets exempt from federal estate taxation (the "exemption amount"),
• the tax basis of assets inherited (the "step up in basis as of date of death"), AND
• the deceased spouses unused exemption amount and its portability to the surviving spouse.