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Married couples get more estate planning flexibility — temporarily


SKU: FOCam112. Category: .


Abstract: Under the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, if one spouse dies in 2011 or 2012 and part (or all) of his or her estate tax exemption is unused at his or her death, the estate can elect to permit the surviving spouse to use the deceased spouse’s remaining estate tax exemption, so that the exemption essentially is “portable.” Making this election is simpler than transferring assets during life and/or setting up a credit shelter trust. But, as this article explains, current law allows this option for only two years, so any planning will need to take that into account.

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