The 2010 Tax Relief Act included a $5 million exemption from estate and gift taxes. However, it also allows the estate to utilize unused estate tax exemption of the predeceasing spouse. This portability is set to expire soon.
See Warner Norcross & Judd, "Contingency Planning - Estate Planning in an Uncertain Tax and Low Interest Rate Environment," jdsupra.com (Oct. 31, 2011).
Posted by Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal.
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