What is the Portability of the Estate Tax Exemption?
Since 2011, married individuals can give an unlimited amount of assets to their spouses, during their lives or through their estate plans, with no tax applied (provided the spouse is a U.S. citizen). The surviving spouse may then use the deceased spouse's unused exemption plus his or her own exemption when the surviving spouse later dies. This allows for considerable federal tax savings for some families!
Leave a comment