Simple Move Can Boost Your Estate-Tax Exemption – Barron’s

  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 couples. This strategy allows a surviving spouse to inherit their deceased spouse’s estate-tax exemption, which – thanks to the 2017 tax law – currently stands at $11.4 million for individuals. That means the surviving spouse can pass down $22.8 million to … Continued

AICPA asks IRS for portability relief for surviving spouses

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 the deceased spouse’s unused estate tax exemption (DSUE) amount. Sec. 2010(c) allows the surviving spouse of a decedent who dies after Dec. 31, 2010, to elect to use any amount of the deceased spouse’s … Continued

IRS Offers Relief For Missed Estate Tax ;Portability; Elections – Tax – United States

  The IRS has offered (Rev. Proc. 2014-18) estates of decedents dying before 2014 relief for missed “portability” elections. Estates of decedents with a surviving spouse may elect under Section 2010(c) to permit the surviving spouse to use the decedent’s spousal unused exclusion (DSUE) amount. Commonly referred to as the portability election, it allows the surviving spouse to use the deceased spouse’s unified credit — effectively doubling the amount of wealth transfers than can be made without paying gift or … Continued