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Attention Surviving Spouses: Late Portability Elections Available Until January 2018
June 14, 2017
Portability is a procedure which can save significant estate taxes by allowing the unused federal tax exemption from the deceased spouse to be transferred to the surviving spouse. The opportunity to “port” unused exemptions began on January 1, 2011 and requires a specific election on a filed federal estate tax return, regardless of whether the estate was subject to estate taxes or not.
The IRS has granted an extension until January 2, 2018 for surviving spouses to make a portability election on estates of those individuals dying January 1, 2011 or later. All surviving spouses should consider this election if their spouse has passed away since January 1, 2011, if your asset levels warrant the election. Call us today at 402-336-2141 to discuss this election and opportunity.