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Legacies

Posts from October 2014

  • Should You Transfer Unused Gift and Estate Tax Exemptions to a Surviving Spouse? (Part I)

    October 30, 2014

    When portability was added to the estate tax in 2010, it represented a radical change in the law. With portability, if all of the assets pass outright to the surviving spouse, both spouse's basic exclusion amounts will be available to shelter their combined wealth from estate tax. Even if their combined wealth exceeds their combined basic exclusion amounts, transferring everything to the surviving spouse doesn't result in any increase in the tax bill on the surviving spouse's death.

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