Portability Is Here to Stay


“Portability” is the big word legislators use for sharing.  The Tax Relief Act of 2010 introduced portability, which allowed for the first time the transfer of a deceased spouse’s estate tax exemption to their surviving spouse.  This allowance of sharing was set to expire at the end of 2012, but was extended along with the $5 million exemption (adjusted up to $5.25 million for inflation).  While many breathed a sigh of relief with this news, some experts began speculating that the Obama administration may begin to eliminate some estate planning techniques which have been characterized as “tax loopholes” for the wealthy.  No one knows for sure what will happen in the future, but going over your estate planning options with your attorney now while things are relatively calm can give you some peace of mind. 

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