New Portability Rules: A Cure for Incomplete Estate Planning  

Oleh:

Deener, Jerome A.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 214 no. 1 (Jul. 2012), page 48-52.
Topik: CPAs; Tax Exemptions; Estate Taxes; Gift Taxes; Tax Returns

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.33 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

Lihat Detail Induk

Isi artikel

Many CPAs are involved in representing estates of decedents who died in 2011 and 2012. In dealing with such estates, it is important to focus on the new Code provisions allowing portability of the decedent's unused lifetime gift and estate exclusion amount to the surviving spouse. A failure to do so can result in the loss of a significant estate and gift tax benefit for the surviving spouse that could easily be overlooked. This article focuses on the new portability election and the planning opportunities and pitfalls associated with making the election and the potential consequences of failing to do so. To obtain the benefits of portability, estates must file Form 706, US Estate (and Generation-Skipping Transfer) Tax Return, even if the estate's total assets are below the $5 million (2011) or $5.12 million (2012) exclusion amount.

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