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On this edition, attorney Randy Spiro discusses how the estate tax exemption of the first spouse to die is only portable if an election is made on that spouse's estate tax return. He explains how many surviving spouses will not want to incur the cost of filing when the estate of the first spouse to die is far below $5 million but how a valuable opportunity may be lost if they fail to file and the survivor's own exemption goes back to $1 million. Copyright© 2010 LexisNexis, a division of Reed Elsevier Inc. Visit www.lexisnexis.com/community/estate-elderlaw/.
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