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Tag Archives: Estate Tax

Pitfalls of ‘portability’: Estate tax law gives spouses extra protection, but has drawbacks  (access required)

The new estate tax “portability” provision, which allows surviving spouses to benefit from the unused exclusion from their spouse’s estate, was a welcome part of the federal tax law enacted late last year for estate planning attorneys and their clients. The provision eliminates the need for spouses to retitle property, create trusts or use other estate planning maneuvers to protect property from incurring additional tax liability after the death of a spouse “Having portability in the law is more equitable …, even though it may cut down on my work a bit,” said Jeramie J. Fortenberry of Fortenberry Legal, a Gulfport, Miss.-based boutique law firm focused on probate and estate planning.

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With taxes in flux, estate planners try to make heads or tails (access required)

Nothing is certain but death and taxes - but right now, estate taxes are anything but certain. The Tax Relief Act of 2010, signed into law on Dec. 17, 2010, increased the estate and gift tax exemptions and reduced the tax rates, but the measure contains a sunset provision that will increase the rates and reduce the exemptions in 2013. That is, unless Congress changes it again.

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