For a Limited Time Only! IRS Continues Simplified Procedure for Obtaining Extension to Elect Portability (Rev. Proc. 2017-34)
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. This can be done by […]
Late Portability Elections After the Expiration of Rev. Proc. 2014-18
I received a phone call recently from a potential client who asked about reviewing her father’s estate planning documents, and whether probate should have been opened when her mother died 2 years ago (2015). Her parent’s remaining estate was worth roughly $6.7M. Before portability, estate planners traditionally set up plans with a marital share and […]
IRS extends estate tax portability election deadline (What Is Estate Tax Portability and How Can It Help Me?)
The estate tax exemption, i.e. the amount you can transfer at death without incurring a federal estate tax, has fluctuated widely over the years. For example, in 2004, it was $1.5M ($3M for married couples), which many middle class families needed to take seriously when they considered assets such as retirement and life insurance. Under […]
