<\/p>\n
Portability, a new concept introduced by the December 2010 amendment to the Estate Tax, is a topic that we all need to learn more about.<\/p>\n
Jamie Held provided this summary of portability:<\/p>\n
In general, portability allows a surviving spouse to use a deceased spouse\u2019s unused exemption amount in addition to his\/her own $5 million exclusion for taxable transfers made during life or at death.\u00a0 Consequently, a couple may ultimately transfer a combined $10 million before being subject to federal estate or gift taxes.<\/p>\n
. . . .<\/p>\n
In order for a surviving spouse to preserve the ability to use the deceased spouse\u2019s unused exemption amount, an election must be made. The election is made on a timely filed federal estate tax return (Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return).<\/p>\n
. . . .<\/p>\n
Be aware that the first tax returns electing portability are due this quarter.\u00a0 This applies to the surviving spouse of a decedent dying in early 2011 who wishes to preserve the deceased spouse\u2019s unused exemption.<\/p>\n
The entire post is available at Epilawg<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Portability, a new concept introduced by the December 2010 amendment to the Estate Tax, is a topic that we all need to learn more about. Jamie Held provided this summary of portability: In general, portability allows a surviving spouse … Continue reading