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Revisiting Estate Portability

by Will Graebe |

Seems like just yesterday that the 2012 Taxpayer Relief Act passed. At the NCBA Estate Planning Section meeting, I was reminded of the malpractice risks posed by the new portability provisions in the Act. I thought it would be a good idea to remind our insureds that portability of a spouse’s applicable exclusion is only available if a federal estate tax return (Form 706) is timely filed for the deceased spouse. This topic was addressed in detail in Bill Belcher’s October 25, 2012 article.   We have also revised our estate administration engagement letter to address the portability issue.

Will Graebe joined Lawyers Mutual in 1998 as claims counsel before being promoted to Vice President of Claims in 2009. He focuses his efforts on transactional matters and real estate. Contact Will at 800.662.8843 or willg@lawyersmutualnc.com.

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