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- Title
Understanding Estate and Gift Tax "Portability".
- Authors
Parthemer, Mark R.
- Abstract
The Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010 includes a new concept referred to as portability. In general, it represents a legal structure that allows a surviving spouse in some circumstances to "inherit" the deceased spouse's unused gift and estate tax exemptions. As initially established, though, portability contains some kinks and raises some unanswered questions, and it is scheduled to expire December 31, 2012. So, advisors may want to be cautiously optimistic in relying on portability, pending future legislation.
- Subjects
UNITED States; INHERITANCE &; transfer tax; GIFT taxes; TAX exemption; LEGISLATION; GENERATION-skipping transfer tax
- Publication
Journal of Financial Service Professionals, 2011, Vol 65, Issue 4, p14
- ISSN
1537-1816
- Publication type
Article