News & Analysis as of September 20, 2024

Portability

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Maryland And Federal Estate Tax Portability In A Nutshell

Dunlap Bennett & Ludwig PLLC on 7/14/2023

In the technology world, portability has become increasingly important as people become more mobile and reliant on a variety of devices to access and use information. Portability allows individuals to work remotely or while...more

WILLS, TRUSTS & ESTATES: PLAIN & SIMPLE – Should You Rely on Estate Tax Portability?

Rivkin Radler LLP on 11/22/2021

Every U.S. citizen may gift, during life or at death, assets to his or her children free of federal estate or gift tax up to an aggregate amount – frequently called the “exemption amount.” The exemption amount in 2021 is...more

Estate Planning Pitfall: You’re not paying enough attention to state estate tax laws

Adler Pollock & Sheehan P.C. on 8/3/2018

The Tax Cuts and Jobs Act provides greater flexibility in estate planning for many taxpayers. So, no more estate tax worries for most people, right? Not so fast. For residents of some states, state estate or inheritance taxes...more

Tax Cuts and Jobs Act supercharges exemption portability

Adler Pollock & Sheehan P.C. on 6/8/2018

Somewhat lost in the clamor of the tax changes enacted by the Tax Cuts and Jobs Act is the fact that the new law preserves the “portability” provision for married couples. Portability allows an estate to elect to permit the...more

Federal Estate, Gift and GST Tax Exemption Amounts Spike

Harris Beach PLLC on 3/14/2018

On December 22, 2017, President Trump enacted the Tax Cuts and Jobs Act, (“TCJA”) ushering in significant changes to the federal estate, gift and generation-skipping transfer tax laws. Through December 31, 2017, the federal...more

Estate Tax Portability – Not So Fast My Friend

Dickinson Wright on 9/18/2017

Many of you have heard of the new Federal estate tax “portability” rule that allows a surviving spouse to effectively inherit any unused federal estate tax exemption of a predeceased spouse. An individual can only use the...more

Personal Planning Strategies - December 2016

Proskauer Rose LLP on 12/6/2016

2017 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan - As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent:...more

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

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

Saul Ewing Arnstein & Lehr LLP on 7/1/2013

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

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Estate Planning › Tax Exemptions › Portability

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