Navigating the Portability Rules

IRC Section 2010(c)(2) allows a surviving spouse to "port" any unused exclusion amount from their deceased spouse and add it to their basic exclusion amount in determining their overall exclusion from estate and gift taxes.
Learning Objectives:
1. This session will look at the reasons for electing or not electing the portability provision vs. a credit shelter trust.
2. The session will review filing requirements, interaction with making lifetime gifts and conflicts with certain state rules.
3. Finally, the session will focus on the practitioner's responsibility when advising clients about making the portability election.