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Tag Archives: portability

Deadline

Big News! IRS Extends Portability Election Deadline For Estates Since 2011

By Jeffrey R. Gottlieb |

In an unexpected move, the IRS announced in Rev. Proc. 2017-34 (June 9, 2017) that estates who failed to file an optional estate tax return (Form 706) to elect “portability” of a deceased spouse’s unused exemption (DSUE) now have until at least January 2, 2018 to file. This relief extends all the way back… Read More »

Tax

IRS Issues Final Regulations for Estate Tax Portability Elections

By Jeffrey R. Gottlieb |

On June 12, 2015 — nearly 3 years after issuing temporary regulations — the IRS issued spousal portability election final regulations (read TD 9725 at the Federal Register here). The final regs don’t vary significantly from the temporary regs, but they do serve as an excellent reminder that spousal portability will be permanently waived… Read More »

2015

2015 Estate Tax Summary

By Jeffrey R. Gottlieb |

Previously I wrote summaries of estate and gift taxes for 2013 and 2014. As with last year, the changes this year are primarily inflation adjustments. The unified federal estate, gift and GST tax exemption rose from $5.34 million in 2014 to $5.43 million in 2015 (big fun for those who like to transpose numbers!)…. Read More »

Deadline

IRS Extends Portability Election Deadline for 2011 to 2013 Estates

By Jeffrey R. Gottlieb |

Last week I discussed why every surviving spouse should consider filing a Federal Estate Tax Return Form 706 to elect portability of the unused portion of their spouse’s federal estate tax exemption.  I explained that in order to take advantage of portability the estate’s representative must make an affirmative election on a timely filed… Read More »

Tax Breaks

Portability: The Tax Election Every Surviving Spouse Must Consider

By Jeffrey R. Gottlieb |

The Federal Estate Tax exemption for 2014 is $5.34 million.  This means that if a decedent’s gross estate (plus past taxable gifts) is less than $5.34 million then filing a Federal Estate Tax Return (Form 706) is not required.  However, a surviving spouse should always consider the option of electing to file a Federal… Read More »