The following is a Q&A from the LexisNexis Estate Practice & Elder Law Community:
Dear Liza: It is my understanding that in order to preserve the “portability exemption” a surviving spouse must file an estate tax return (706), which would not be required otherwise. It seems that 706 involves quite a bit of work and additional expenses. Do you think it’s worth the effort?
Surviving spouses of those who died in 2011 and 2012 have that decision to make. The problem is, there’s not an easy answer. For those who don’t know what the question is, here’s a quick summary: Current estate tax law allows a surviving spouse to use any part of the $5 million exclusion from the estate tax that was available….
- Spouse Died In 2011? File An Estate Tax Return (hahnestateplanning.com)
- Four Common Estate Planning Mistakes | LexisNexis | Gregory Herman-Giddens | 12/1/11 (vinhsulaw.wordpress.com)