1. For a Limited Time Only! IRS Continues Simplified Procedure for Obtaining Extension to Elect Portability (Rev. Proc. 2017-34)

    by
    Background.  After portability became effective on January 1, 2011, the deceased spouse’s unused exclusion (“DSUE”) could be “ported” to the surviving spouse for use in making gifts and sheltering his own estate.  The 2017 exclusion is $5.49M, meaning a married couple can shield $10.98M from federal estate and gift taxes....