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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