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Death and Taxes and Portability, Oh My!

by | Jul 12, 2022 | Estate Planning |

While nothing may be as certain as death and taxes, nothing is as confusing as estate taxes on death. The estate tax is the single highest tax rate a person (or rather their state) will ever pay, currently capping out at a federal rate of 40% on assets over $12.06 million. Currently, each person may die with $12.06 million and that amount is exempt from the personal federal estate tax. What happens to the super wealthy following the death of the first spouse? The surviving spouse has an opportunity to elect “portability” of the deceased spousal unused exclusion (DSUE) if certain requirements are made, and furthermore, the IRS has provided a simplified method to obtain an extension of time to file a return to make the portability election. See Revenue Procedure 2022-32.


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