by Arthur Geffen | May 22, 2019 | Estate Planning, Estate Tax, Portability
Listen up, financial advisors: There’s a simple way to help wealthy clients shield more of their estates from taxes, yet it’s often overlooked. Newsletter Sign-up That’s according to InvestmentNews, which looks at what’s known as “portability” for married...
by Arthur Geffen | Jul 15, 2015 | DSUE, Portability
Since none of us are getting out of this alive, you should absolutely make sure that when your spouse passes, that your lawyer files an estate tax return and elects portability. Now, at this point, an advisor might ask, “Who cares about passing on the exemption if the...
by Arthur Geffen | Jul 10, 2015 | DSUE, Estate Tax, Portability
Administering an estate is never a joyous task, but it is a necessary one. We usually want to get it behind us as quickly as we can in order to move on with life’s business. Yet for reasons known only to itself, the Internal Revenue Service has just added a new...
by Arthur Geffen | Jun 16, 2015 | DSUE, Portability
On Friday, the IRS issued final rules governing the requirements for electing portability of a deceased spousal unused exclusion (DSUE) amount to the surviving spouse and the rules for the surviving spouse’s use of the DSUE amount (T.D. 9725). The final rules, which...
by Arthur Geffen | Mar 25, 2015 | DSUE, Portability
It is about time that this happens. In a letter to IRS Commissioner John Koskinen and other IRS officials on March 19, Troy Lewis, chair of the AICPA Tax Executive Committee, requested that the IRS provide relief to surviving spouses who want to elect portability of...
by Arthur Geffen | Apr 22, 2014 | Estate Tax, Portability
Approximately 15 states have their own state estate taxes. Many of these states have exemption amounts that are less than the federal applicable exclusion amount. For example, the District of Columbia and Maryland have exemption amounts of $1 million, and New...
