Byte of Prevention Blog

by Will Graebe |

Handle Estate Planning? Think Portability

Will Graebe Seems like it was just  yesterday that the 2012 Taxpayer Relief Act was passed.

I was recently reminded at the Estate Planning Section meeting in Kiawah of the malpractice risks posed by the new portability provisions in the Act. So 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. 

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