Trust Updates Archive
(Oct. 3, 2011 --Chicago, IL) -- The I.R.S. on September 29 issued a reminder to estates regarding the agency's new portability election. The election is not available to estates of whose who died before 2011. Timely filing is required.
For individuals who died on January 1, 2011, estates must file their election today, October 3. An extension is available.
Enacted last December, this new provision eliminates the need for spouses to retitle property and to create trusts solely to take full advantage of each spouse's exclusion amount.
The election allows estates of married taxpayers to pass along their unused estate and gift tax exclusion amount to their surviving spouse. The unused part of their exclusion amount is currently $5 million.
The only way to make the election is by timely filing an estate tax return on Form 706, generally within nine months after the date of death. Estates unable to meet this deadline can request an automatic six-month filing extension by filing Form 4768.
No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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