Portability Deadline Upcoming

As you may or may not know, the IRS is permitting tax filers to elect portability for the estate of taxpayers who passed away in the previous three years (or 2011, 2012, and 2013).  Typically, a portability election would only be available with a properly and timely filed federal estate tax return.

The deadline to make the portability election is December 31, 2014.

As a quick reminder, portability allows a surviving spouse to elect to use any unused portion of the deceased spouse’s estate tax exemption.  As a result, a married couple may exempt upwards of $10 million in assets regardless of which spouse passes first.

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