Tax Exemption Portability Crucial in Estate Planning

When people think portability, they imagine lightweight laptops and folding chairs. These items owe their existence to ingenious inventors satisfying the craving for convenient transport. With this definition in mind then, it only makes sense that an estate planning tool designed for easy “transport” of tax exemption from one person to another would be called Tax Exemption Portability. “After portability came into being on January 1, 2011, the unused estate tax exclusion amount could be “ported” to the surviving spouse for use in making gifts and sheltering his or her own estate, writes estate tax expert Lorraine F. New in her Continue Reading…