Is there a Wisconsin estate tax to plan around?
No. Wisconsin's estate tax expired at the end of 2007, and the state has no inheritance or gift tax either. Valuing a Wisconsin decedent's personal property therefore matters for the federal Form 706 and for probate administration, not for any state death tax.
Are appraisals required for a Wisconsin probate inventory?
Generally yes, and by court-appointed appraisers. Wis. Stat. § 858.13 requires inventoried property to be appraised by one or more disinterested persons appointed by the court, who certify each item's value. Assets whose value is readily ascertainable without appraiser judgment, such as quoted securities, are excepted unless an interested person, the Department of Revenue, or the court requests a formal appraisal.
What is the Wisconsin inventory deadline?
Six months after appointment at the outside, unless the court shortens or extends it, with every item valued as of the decedent's date of death under Wis. Stat. § 858.01. Interested persons must also be notified within five days after the inventory is filed.
Can a Wisconsin estate elect the alternate valuation date on Form 706?
Yes. The personal representative may value property at the date of death or exactly six months later where the estate declined in value and the election reduces estate tax. Whichever date is chosen applies uniformly to all property, except assets sold in the interim, so appraisal timing has to follow the election.