Estate Tax Portability

Estate taxes, also known as inheritance or death taxes, are taxes on an individual's right to transfer property at death.
News & Analysis as of

Exemption Portability - What is it, and how does it work?

The term "portability" is used in many contexts, but in the estate planning context portability describes the way a surviving spouse can use the remainder of a deceased spouse's unused exclusion amount to further shield her...more

Wealth Management Update - August 2015

August Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The August § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Estate Tax Portability: Panacea or Potential Peril?

In 2013, Congress made the estate tax portability rules permanent. Some predicted this would negate the need for advanced estate planning, but two years later, it is clear that portability is not a panacea even for smaller...more

Regulatory Update: Final Regulations on Portability of the DSUE

Portability of the deceased spousal unused exclusion (DSUE) amount between spouses was first introduced by Congress in December 2010, applicable to estates of married decedents dying on or after Jan. 1, 2011. Although...more

Corporate E-Note - June 2015

In this Issue: - IRS Issues Guidance on Portability: The IRS recently issued final regulations that provide guidance on the federal estate and gift tax applicable exclusion amount, in general, as well as the...more

Estate Tax Regulations Allow Taxpayers to Request Late Portability Relief

The IRS released new final estate and gift tax regulations that include guidance on taxpayers seeking so-called “portability” elections to carry over the lifetime exclusion from the first spouse to die to the second spouse.  ...more

2015 Tax Update Letter

Dear Clients and Colleagues: This letter is an update on the most recent estate and gift tax developments and serves as a follow-up to our past yearly tax updates, which can be accessed by clicking the “Family Wealth...more

Addressing Portability

As we have discussed in previous newsletters, the concept of “portability” introduced in 2012 allows a surviving spouse to use the unused federal estate tax exemption of the first spouse to die, but only if a federal estate...more

Maryland Estate Tax Exemption To Catch Up to Federal

Maryland’s estate tax is changing. On May 15, 2014, Governor O’Malley signed into law H.B. 739. The current Maryland estate tax exemption is $1 million per individual. ...more

New 252 Percent Estate Tax Bracket and Other Tax Changes Affect Wealthy New Yorkers

The revenue portion of the recently passed Executive Budget for 2014–2015 significantly changes New York’s estate tax and the way in which New York taxes the income of certain trusts. ...more

IRS Grants Extension of Time to Take Advantage of Portability Election

The IRS has provided relief for persons who missed the opportunity to make a "portability election." To understand the importance of the relief, a review of the basics is in order....more

Minnesota Passes Gift Tax Repeal And Estate Tax Revisions

On March 21, Minnesota made multiple gift tax and estate tax revisions. Those include: - Retroactively repealing the Minnesota gift tax that had been imposed since July 1, 2013...more

Estate Planning 101: What is a “Sweetheart Trust?”

When discussing your estate planning needs with your attorney, after you discuss basic terms and concepts, your attorney will likely talk to you about the different types of revocable living trusts that may be appropriate for...more

It’s Not Too Late to Use Your Spouse’s Unused Estate Tax Exclusion

In Revenue Procedure 2014-18 the IRS provided an extension of time to those who wished to be sure that a decedent’s surviving spouse could benefit from the concept known as “portability”. In the Procedure, the IRS provides...more

Marriage and Taxes in 2013

Two significant events in 2013 underscored the nexus of marriage and taxes that make it possible for many couples to radically simplify their estate planning. ...more

Insight on Estate Planning - Year End 2013: Can portability help preserve retirement benefits?

The American Taxpayer Relief Act of 2012 (ATRA) made the estate tax exemption “portability” feature permanent. This allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax...more

Insight on Estate Planning - Year End 2013

In This Issue: - State death taxes can be hazardous to your estate - Can portability help preserve retirement benefits? - Provide for family members with special needs using an SNT - Estate...more

Should We Rely On Portability?

When Congress early this year enacted the new estate tax provisions making the $5 million inflation adjusted federal estate, gift and generation-skipping transfer (GST) tax exemptions "permanent," it also made the concept of...more

The Benefits of Marital Deduction Planning — Even with Portability

As discussed in a prior post, one of the helpful provisions recently added to federal estate tax law allows a surviving spouse to use any “leftover” or “unused” federal estate tax exclusion amount of a deceased spouse. The...more

The "Permanent" Relief Act

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (“ATRA”), setting the unified Federal gift and estate tax exemption at $5 million, indexed for inflation ($5.25 million for 2013, expected to...more

Personal Planning Strategies - July 2013

On June 26, 2013, the United States Supreme Court issued its decisions in Windsor v. United States and Hollingsworth, et. al. v. Perry et. al., thus ending a four year "fast-track" judicial expedition of the validity of the...more

Estate Planning Opportunities Arising from Recent Landmark Supreme Court Decisions Concerning Marriages of Same-Sex Couples

On June 26, 2013, the US Supreme Court (the “Supreme Court”) struck down Section 3 of the federal Defense of Marriage Act (DOMA) as unconstitutional in the case of United States v. Windsor (“Windsor”). In a related case, the...more

A long engagement: Married same-sex couples finally receive post-DOMA access to federal tax and estate planning benefits

The U.S. Supreme Court’s ruling in United States v. Windsor will forever change many facets of the lives of same-sex couples....more

New 2013 Estate Tax Laws Warrant Exclusion And Portability In Planning

The new estate laws are challenging to comply with and will require most high net worth individuals to review their existing plan. One of the major issues is how the trust is divided on the death of the first spouse, and who...more

Transfer Taxes After The Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 (the “2012 Act”) had a profound impact on the transfer tax system. I will briefly describe that system and then, by way of background, set the stage for these changes by summarizing...more

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