Tag Archives: A major change in estate planning!

A major change in estate planning!

All of a sudden everybody wants a taxable estate! Why? Because income tax relief is now preferred over estate tax relief. We are witnessing a sea change in tax planning due to two new developments: 1) The new “portability” of the estate tax exemption for our clients. The concept of portability allows the surviving spouse (widows and widowers) to carry over the estate tax exemption of the spouse who died and add it to their own exemption amount. However, to take advantage of this action you must “elect portability.” This means your executor, with the assistance of estate tax counsel, …

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