The Opportunity for Late Portability Just Opened Up by IRS
Portability has brought both convenience and confusion to the estate planning community. Available for surviving spouses after 2011, portability allows an unused estate tax exemption to be transferred from a deceased spouse to his or her surviving spouse.
While this sounds like an appealing prospect to look into for your clients, it has come with its fair share of hassle thanks to ever-shifting policies and narrow windows of time in which to take action. Taking advantage of portability has been harder in practice than was anticipated.