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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...