Tag Archives: portability

IRS Gives a Second Chance to Claim a Potentially Valuable Estate Tax Benefit for Surviving Spouses 

Rarely do estates get a “second look” at tax decisions.  However, this summer the IRS provided some executors, trustees, and surviving spouses an opportunity to revisit an important estate tax planning decision made years ago. Background:   As you probably know, the IRS assesses an estate tax on large estates.  The estate tax rate is 40%. … Continue Reading

Sen. Baucus Moves to Make 2009 Estate Tax Levels Permanent

Senate Finance Chair Max Baucus (D-MT) has introduced a bill to make the 2009 federal estate tax levels permanent, to unify the estate tax and gift tax, and to allow transfer of a deceased spouse’s unused unified credit to the surviving spouse.  The bill — the “Taxpayer Certainty and Relief Act of 2009”(pdf) — deals with … Continue Reading