Monthly Archives: January 2014

NEW IRS RULES

New IRS ruling where surviving spouse forgot to timely file the deceased spouse’s federal estate tax return and thereby failed to make portability election When one spouse dies on or after January 1, 2011, his or her federal estate tax … Continue reading

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Is there a need to save estate tax?

For persons dying in 2014, the estate tax exemption is $5,340,000. If the surviving spouse files a timely estate tax return for the first-spouse-to-die, the first-spouse-to-die’s exemption can be added to the surviving spouse’s exemption. This is called portability. Unless … Continue reading

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