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...
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