The Tax Relief Act of 2010 authorized surviving spouses to combine their own federal tax exemption with the unused portion of a deceased spouse’s exemption. In the past, there was no portability option, so each spouse was only entitled to his or her own exemption. The Tax Relief Act allowed the surviving spouse to also benefit from any unused portion of the deceased spouse’s exemption.
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Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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