A Deadline Married People Should Know About

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There’s an important new financial strategy that can be used only once in a lifetime, but which every wealthy married person ought to know about.

It involves a tax break for widows and widowers that was made permanent by the American Taxpayer Relief Act of 2012, according to an article in Forbes magazine.

Starting with deaths that occurred in 2011, and in the future, widows or widowers can carry over the estate tax exemption of the spouse who died and add it to their own. It is called “portability” and allows married couples to transfer $5.25 million each or a total of $10.5 million tax free.

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