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Tax Act's Portability Feature Lets Surviving Spouse Use Predeceased Spouse's Estate Tax Exemption

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act (the "2010 Act") enacted a "portability" feature; it lets a surviving spouse take advantage of any unused estate tax exemption of a predeceased spouse. (2010 Act §303.) That opportunity means that...

Williams Mullen: Understanding Portability of Unused Spousal Exclusion: Avoiding the "sue" in DSUEA

BY: JOHN H. TURNER, III & JEFFREY D. CHADWICK Background to Portability. While the estate tax has been in force for many years, most estates have remained exempt from the tax due to an "applicable exclusion amount" that shelters a certain amount of a person's assets from estate...

IRS Issues Guidance on Electing Portability of Deceased Spousal Unused Exclusion Amount

The Internal Revenue Service has issued guidance on electing portability of the unused exclusion of a deceased spouse. Notice 2011-82 , which was issued on September 29, 2011, reminds estates of deceased married individuals to file a Federal estate tax return to transfer the decedent's unused...

Obama's 2013 Revenue Proposals

The White House has issued its 2013 fiscal year revenue proposals , with estate and gift tax changes consistent with administration's earlier stance on those rules. Beginning next year, the estate tax exemption would decrease to $3.5 million and the rate would increase to 45%. Spousal portability...

Williams Mullen: IRS Grants Extension of Time to Make Late Portability Election

BY: JOHN H. TURNER, III & JEFFREY D. CHADWICK In December 2010, Congress created a new right of "portability" between spouses,to remedy the circumstance in which spouses were unable or unwilling to engage in estate tax planning. For deaths occurring in 2011 and 2012 only, the applicable...